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Tag - Monopoly

Monopoly

Monopoly  A monopoly is a market structure in which there is only one producer/seller for a product. Monopoly is derived from Greek "monos" meaning 'alone' or 'single' and "polein" meaning to 'sell'. In other words, the single business is the industry. A monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. Entry into such a market is restricted due to high costs or other impediments, which may be economic, [...]