Monopoly

Monopoly refers to a market structure in which a single seller or producer dominates the supply of a good or service. In a monopoly, the monopolist has significant control over the price and output of the product, as there are no close substitutes available, resulting in a lack of competition. This can lead to higher prices and reduced consumer choice. Monopolies can arise due to various factors, such as exclusive control of a resource, government regulation, or patents. The term can also refer to the board game of the same name, where players buy, sell, and trade properties in an effort to acquire wealth and bankrupt their opponents, simulating economic dominance. In general economic terms, monopolies can lead to market inefficiencies and are often subject to regulation to promote competition and protect consumers.