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Monopoly is a market structure in economics where a single firm dominates the entire market. This firm has the power to set prices and control the supply of goods and services. The firm is not subject to competition from other firms, and it has no incentive to lower prices or increase quality. This market structure is characterized by high barriers to entry, which prevent new firms from entering the market.
The monopoly market structure is often seen in industries where there are high costs associated with entering the market, such as in the telecommunications industry. It is also seen in industries where there are natural monopolies, such as in the water and electricity industries.
Some companies in the monopoly market include AT&T, Verizon, Comcast, and Duke Energy. Show Less Read more
