In economics, a monopoly (from the Greek monos, one + polein, to sell) is when a product or service can only be bought from one supplier. In many places, utilities such as telephone service or cable television are monopolies. The market is owned/dominated mainly by one company.
Many countries, including the United States, have laws to stop companies from having a monopoly.
Related pages[change | change source]
|Different Market forms|
|Perfect competition • Monopolistic competition • Oligopoly • Oligopsony • Monopoly • Natural monopoly • Monopsony|