Monopoly
A situation in which a
single /
one company owns all or /
nearly all of the market for
a given type of product or / service.
This would happen in
the case that there is a barrier to entry into the industry
/ sector that
allows the single company to operate without competition
(for example, vast
economies of scale, barriers to entry, or / governmental regulation).
In such an industry /
sector structure,
the producer will often produce a volume that is less than
the amount which would maximize social welfare.
Source:
InvestorWords.com
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