USA HISTORY

Detailed explanation-1: -A monopoly exists when one supplier provides a particular good or service to many consumers. In a monopolistic market, the monopoly, or the controlling company, has full control of the market, so it sets the price and supply of a good or service.

Detailed explanation-2: -Monopolies can be of several kinds like simple, pure, natural, legal, and public.

Detailed explanation-3: -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-4: -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.