What is a monopoly?

A monopoly exists when a single company or entity controls an entire market for a particular good or service, without any competition.

Monopolies can lead to higher prices and fewer choices for consumers because a single company can set prices without worrying about competitors.

Governments often regulate or break up monopolies to ensure fair competition and protect consumers.

For example, if one company controlled all the water supply in a city, it would be considered a monopoly.

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