MONOPOLY

Monopoly

Monopoly

A market structure in which there is only one manufacturer/seller for a product is called monopoly. It can also be said that in monopoly single business is actually the industry. Entry into such a market is restricted due to the factors like high costs or other impediments, which may be economic, social or political. On the other hand, when a market is served by a small number of producers, it means we are dealing with an oligopoly.

Monolopolies in the US

In markets where competition is almost negligible, competitor can influence the results of another company for not having enough strength to ...