There is an efficiency in the monopoly market.  Define why.

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Monopoly
Section14.1: Why Monopolies Arise
Problem 1QQ
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There is an efficiency in the monopoly market

Define why. 

Pls explain in easy words. 

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