Monopoly

A is a market structure where a single seller dominates the entire industry, providing a unique product or service with no close substitutes. Because there is no competition, the firm acts as a price maker , enjoying significant control over market prices and often earning sustained economic profits. Core Characteristics of a Monopoly

: There are no close substitutes available for consumers, leaving them with little choice. Monopoly

Monopolies typically form when "barriers to entry" protect a firm from competition: A is a market structure where a single