Q. What is a monopoly?
Top Answer
Solution:
A monopoly is a market structure in which a single firm or entity dominates the production and sale of a particular product or service. In a monopoly, the firm has complete control over the market and is the only supplier of a particular good or service, with no close substitutes.
An example of a monopoly is when only provider of electricity in a region, meaning consumers have no alternative suppliers. Because of this control, monopolies can lead to higher prices and less innovation. Governments sometimes regulate monopolies to prevent abuse of this power.
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