Business · 1
What is the term for a market structure in which a single company is the sole supplier of a product or service?
Answer
Monopoly
A monopoly exists when one company exclusively controls the supply of a particular product or service, eliminating competition. This gives the monopolist significant power to set prices and output levels without competitive pressure.
💡 Did you know?
The board game Monopoly was originally designed in 1903 by Elizabeth Magie to demonstrate how land monopolies impoverish tenants — the exact opposite lesson most players take from it.
Other options people guess
- Oligopoly
- Duopoly
- Monopsony
Topics
- economics
- market-structure
- business-terms
- competition
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