A monopoly refers to a D. market that has only one seller of a product and the seller can influence the price of the product.
In a monopoly, there is one producer or seller of a product which means that they can change the price however way they want and people would still have to buy the product because there is no one else making it.
A monopoly is formed when:
- an industry requires quite a lot of money to get into e.g. electricity production
- the government gives a company a patent to be the only one who can produce a certain good or offer a certain service
In conclusion, a monopoly describes a situation where a market is controlled by a single seller or producer because they are the only ones that can produce a certain good.
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