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A monopoly is a business that operates in a market with little to no competition and is able to control the conditions and prices it charges customers, allowing it to be very successful.
a market setup where there is just one vendor and one sort of items offered. In a market with a monopoly, the seller is the only provider of the goods since there are no other suppliers who can compete. When a business has a monopoly, its product is sold only and there are no close alternatives. Unchecked monopolies have the capacity to determine prices and control the market. Examples include the relationship between Microsoft and Windows, DeBeers and diamonds, and your local gas company. A monopolist is a person, group, or company that completely dominates and controls the market for a certain good or service. The monopolist may charge exorbitant prices since there are no competitive goods or services or competitors.
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