economic monopoly

An economic monopoly occurs when a single company or entity dominates a market, controlling the supply of a particular good or service. This lack of competition allows the monopolist to set prices higher than in a competitive market, leading to less choice for consumers and potentially lower quality products. Monopolies can arise from various factors, such as exclusive access to resources, government regulations, or technological advantages. While they can lead to efficiencies, they often raise concerns about fairness, innovation, and the impact on consumers and the economy.