Monopoly: Difference between revisions
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A [[wikipedia:Monopoly|monopoly]] is a market structure where a single firm, the monopolist, is the exclusive supplier of a product or service with no close substitutes. This grants the firm significant control over prices and supply, often leading to reduced consumer choice and potential market inefficiencies. They | A [[wikipedia:Monopoly|monopoly]] is a market structure where a single firm, the monopolist, is the exclusive supplier of a product or service with no close substitutes. This grants the firm significant control over prices and supply, often leading to reduced consumer choice and potential market inefficiencies. They often share a few distinct character traits. | ||
== | ==What is a monopoly?== | ||
===Monopolistic characteristics=== | ===Monopolistic characteristics=== | ||
#Single seller | #Single seller | ||