Monopoly

A monopoly is a market structure in which a single firm or entity is the sole provider of a particular product or service. This unique position allows the monopolist to exert significant control over the market, often resulting in reduced competition, higher prices, and lower output compared to more competitive market structures.

Characteristics of a Monopoly

Monopolies exhibit several distinct features that set them apart from other market structures:

• Single Seller: In a monopoly, one company or entity provides a product or service with no close substitutes. This gives the monopolist significant market power.
• High Barriers to Entry: Monopolies often exist because of significant barriers to entry, such as patents, exclusive rights, control of key resources, government regulation, or economies of scale.
• Price Maker: Unlike in competitive markets, monopolists have the power to set prices, as they face ______ _____ _________ ___ ___ ________ ____ ______ _____.
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