What Is a Monopoly in Economics?
What is a monopoly in economics? A monopoly in economics is defined by a single entity controlling market pricing and supply, in stark contrast to perfect competition where numerous firms compete. This dominance allows the monopolist to employ pricing strategies, such as single-price and price discrimination, tailoring prices to different demand elasticities to maximize profits. Understanding what a monopoly is in economics is crucial for grasping its effects on market dynamics and regulatory policies.
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