Monopoly -

A is a market structure where a single seller dominates the entire industry, providing a unique product or service with no close substitutes. Because there is no competition, the firm acts as a price maker , enjoying significant control over market prices and often earning sustained economic profits. Core Characteristics of a Monopoly

: The firm and the industry are one and the same. Monopoly

: To sell more units, the monopolist must lower its price. Sources of Monopoly Power (Barriers to Entry) A is a market structure where a single

: Structural, legal, or economic obstacles prevent new competitors from entering the market. Monopoly

Monopolies typically form when "barriers to entry" protect a firm from competition: