When one firm is in a commanding position in an industry, it is a(n):

Name: When one firm is in a commanding position in an industry, it is a(n):
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A monopoly exists when a single firm controls a large portion of the market share in a particular industry, giving it significant pricing power and the ability to block entry of new competitors. This type of market structure is considered to be a form of market failure, as it often results in higher prices and reduced choices for consumers.

When One Firm Is in a Commanding Position in an Industry