Monopoly
A market structure characterized by a single seller, selling a unique product in the market.
Business Glossary provided by Plannit.ai
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity or service. This dominance can lead to an unfair market with high barriers to entry for other companies. Monopolies can sometimes be created by government through patents, copyrights, or exclusivity deals. They are typically regulated to prevent the monopolist from abusing their power by charging exorbitant prices or delivering substandard products or services.
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