A monopoly is defined as a firm that has the largest market share in an industry.

Name: A monopoly is defined as a firm that has the largest market share in an industry.
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A monopoly is defined as a firm that is the sole seller or provider of a good or service in the market. It has no competitors and therefore has the power to control the price and supply of its product. A firm with the largest market share in an industry may be a dominant player but not necessarily a monopoly if it faces competition.

A Monopoly Is Defined as a Firm That Has the Largest