monopolies

A monopoly occurs when a single company or entity has exclusive control over a particular product or service in a market. This means they are the only provider, which can lead to higher prices and less choice for consumers because there are no competitors. Monopolies can reduce innovation and efficiency since the lack of competition may lessen the company's incentive to improve. Governments often regulate or break up monopolies to promote fair competition and protect consumer interests, ensuring a healthier market environment.