Definition
Monopoly Definition
A monopoly refers to a market situation in which a single entity or company holds exclusive control or dominance over the production, distribution, or sale of a particular product or service. This means there are no or very few viable competitors in the market, giving the monopolistic entity significant market power and the ability to set prices and dictate terms without facing substantial competition. Monopolies can arise due to various factors, such as barriers to entry, legal protections, or acquisition of competitors.
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