In the field of economics, what is considered a monopoly?
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.
Below is an instruction that describes a task, paired with an input that provides further context. Write a response that appropriately completes the request.
### Instruction: In the field of economics, what is considered a monopoly?
### Input: 
### Response: 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.