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MONOPOLY

A situation in which a single market or group owns all or nearly all of the market for a specific good or service. There is no competition.

Types Of

Occurs when a company has a legal protection (patent or copyright) of the product

Ex: If a company develops a drug that cures all cancer, they would get a legal patent

THE END

Definition-

Natural Monopoly

A type of monopoly that exists as a result of the high fixed or start-up costs of operating a business in a particular industry. It happens when that specific industry makes it completely impractical for multiple companies to be in the same business

Government Monopolies

When a government passes a law reserving a specific trade, product, or service for government agencies

Ex: It is impractical to have multiple sewage lines running to houses

Ex: government may control running water

Technological Monopolies

Geographic Monopolies

Occurs when a company owns all of a specific good or service in one specific area

Ex: Small town general store may have a monopoly over many goods it sells in that area

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