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In a monopoly, one firm provides the product or service in a particular industry, which results in less price competition.
- A monopoly is a business that operates in a sector of the market where there is little to no competition. As a result, it can control the terms and pricing it offers to customers, which makes it very profitable.
- Although monopolies are undesirable and illegal, there are a number of ways for a business to dominate its market.
- One strategy to monopolize the market is to use intellectual property rights, acquire the rival business, or accumulate a limited supply.
- The government giving a business exclusive rights to offer goods or services is the simplest way for a business to turn into a monopoly.
- The goal of monopolies established by the government is to produce economies of scale that lower costs for consumers.
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