Just a thought A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. Monopolies are thus characterised by a lack of economic competition to produce the goods or service and a lack of a viable equivalent or substitute. When we arrive at the verb monopolize, this relates to the process by which a company gains the ability to dictate or raise prices or exclude its competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge high prices. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry or market place.
Posted on: Sat, 24 May 2014 16:10:53 +0000