USA HISTORY

Detailed explanation-1: -A pure monopoly is a single seller in a market or sector with high barriers to entry such as significant startup costs whose product has no substitutes. Microsoft Corporation was the first company to hold a pure monopoly position on personal computer operating systems.

Detailed explanation-2: -A monopoly exists when a person or business exercises complete control over a resource, industry, or market. During the 1800s and 1900s, two distinct types of monopolies developed: vertical and horizontal. In a vertical monopoly, the person or business controls the entire supply chain of an industry.

Detailed explanation-3: -A monopoly occurs when a single company that produces a product or service controls the market with no close substitute. In an oligopoly, two or more companies control the market, none of which can keep the others from having significant influence.

Detailed explanation-4: -Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market). A monopoly may also have monopsony control of a sector of a market.