A monopoly is a market that usually consists of a single firm, but, in some cases, may have up to four firms and still be considered a monopoly.

Question

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A monopoly is defined as a market structure consisting of a single firm that has complete control over the supply of a good or service. In rare cases, there may be more than one firm in the market, but if they still have enough control over the supply and pricing of the product, it is considered a monopoly. However, the statement in the question is incorrect as even with up to four firms, the market is not usually considered a monopoly.

A Monopoly Is a Market That Usually Consists of a Single