A monopoly is when a single company or individual has a dominant position in a market and can freely raise prices without risk of losing customers to competing products. Monopolies are generally discouraged as they reduce competition.
A monopoly is when a single company or individual has a dominant position in a market and can freely raise prices without risk of losing customers to competing products. Monopolies are generally discouraged as they reduce competition.
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In the field of economics, what is considered a monopoly?
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