Monopoly

Monopoly

Introduction

A monopoly is an economic term which usually exists when a business organization or an entity is the only producer and supplier of a particular product or service. It can be stated that monopolies exists when there is lack of economic competition to produce the desired products and services and there are no substitutes available. Basically monopoly is referred to the process through which organizations gain competitive advantage and raise prices of the products. Although monopolies are associated with big business organization, many small companies can also gain power to increase prices in a small industry.

Discussion

In context of economics, monopoly is ...