A monopoly is a market

Name: A monopoly is a market
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Question

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A monopoly is a market with only one seller, and that seller has the power to set the price because there are no close substitutes available for consumers. This is different from a perfectly competitive market, in which no one seller or buyer has enough market power to influence the price. A monopoly can often lead to higher prices and lower output levels, which can harm consumers and the overall economy.

A Monopoly Is a Market