What is a monopoly and how does it affect business?
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Who it was like back then
A monopoly is when one business or provider buys out all of the other companies or organizations in an industry. This makes it to where one company controls the entire industry and their company gets all of the money being earned.
This is potential to raise prices indefinitely is its most critical detriment to consumers. Because it has has no industry competition, a monopoly's price is the market price and demand is market demand.
Monopoly is the exclusive possession or control of the suppy or trade in a commodity or service.