Monopoly

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  • Theoretically, a monopoly exists when a single firm produces a product for which there are no close substitutes. From a much more practical perspective, innovation in electronics and communication and laws that have been made to facilitate competition or limit mergers have now made it very unlikely to have a pervasive monopolistic market structure. A monopolist is a price maker because he or she generally has control over the quantity to be produced and the price that will be charged for the quantities produced.

    A monopolistic market can be created through patents and licensing (legislation), ownership of essential resources, and economies of scale. A patent gives an inventor the exclusive right to use his or her invention or allow others to benefit from it for a ...

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