Question

What is monopoly? Give a brief answer hurry because it's my exam today. ........

Answer 1

A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it.

Answer 2

 monopoly, as a theoretical economic construct, prevails when barriers to entry exist because one firm can operate at a lower marginal cost than its competitors. The barriers can be legal or regulatory, economic, or geographic. ... Most monopolies can only hold lower marginal costs through government protection.