"Classification of markets is based on their characteristics". Substantiate this statement with reference to Monopoly and Oligopoly market structures.

Market structures can be classified based on their various characteristics, such as the number of firms, the type of products sold, the barriers to entry, and the degree of competition. Two important market structures that demonstrate the significance of these characteristics are monopoly and oligopoly.

In a monopoly, a single firm dominates the entire market, and it is the sole provider of a particular product or service. The key characteristic of a monopoly is the absence of competition, which allows the monopolist to have significant control over the price and output levels in the market. The firm sets prices and production levels based on its own profit-maximizing objectives, rather than in response to market competition. In a monopoly, barriers to entry are extremely high, making it nearly impossible for new firms to enter the market and challenge the monopolist. These barriers could include factors such as exclusive control over a crucial resource, government regulation, or the high cost of establishing _______ _____ ___ __________ ______.
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