Monopolies

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Monopolies refer to market conditions where a singular entity: person or company happens to be the only supplier or seller of a particular product or service. Monopoly does not concern with control over a market, or making decisions on behalf of it.
While the economic competition is lacking, so also is a viable substitute produce or service. There could be
several reasons why the competition is excluded, however, monopolies immediately provide the dominating company with the ability to raise prices at will.
Size is typically not a characteristic of a monopoly, though many such companies in the past had acquired large sizes.

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