USA HISTORY

Detailed explanation-1: -A monopoly is a company that has “monopoly power” in the market for a particular good or service. 1 This means that it has so much power in the market that it’s effectively impossible for any competing businesses to enter the market.

Detailed explanation-2: -A monopoly is when one company and its product dominate an entire industry whereby there is little to no competition and consumers must purchase that specific good or service from the one company. An oligopoly is when a small number of firms, as opposed to just one, dominate an entire industry.

Detailed explanation-3: -Understanding a Monopoly A monopoly is a business that is characterized by a lack of competition within a market and unavailable substitutes for its product. Monopolies can dictate price changes and create barriers for competitors to enter the marketplace.

Detailed explanation-4: -[1] When only a single firm sells a product or service for which there is no substitute, the firm is a monopoly. [2] When only a single firm buys a product or service, the firm is a monopsony. A monopsony can exist in labor markets, when there is only one employer in a market.

Detailed explanation-5: -Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.