USA HISTORY

Detailed explanation-1: -monopoly. noun. mo·nop·o·ly mə-ˈnäp-(ə-)lē plural monopolies. : complete control over the entire supply of goods or a service in a certain market.

Detailed explanation-2: -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.

Detailed explanation-3: -A monopolist is an individual, group, or company that controls all of the market for a particular good or service. A monopolist probably also believes in policies that favor monopolies since it gives them greater power. A monopolist has little incentive to improve their product because customers have no alternatives.

Detailed explanation-4: -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-5: -In a monopoly, a single seller controls or dominates the supply of goods and services.