Monopolies

Definition

Monopolies refer to a market structure where there is only one seller or producer of a particular good or service, giving them complete control over the market and the ability to set prices.

Related terms

Oligopoly: A market structure where a few large firms dominate the industry and have significant control over prices.

Antitrust Laws: Regulations put in place by governments to prevent monopolistic practices and promote fair competition.

Price Discrimination: When a monopolistic firm charges different prices for the same product based on factors like location or customer type.