- This is a singular control over a specific market, marked by the ability to dictate prices and prevent competitors from entering. This control is usually achieved deliberately, not just because of superior products or skills
- This refers to an entity that possesses total control over a specific market
- The software company was accused of creating a monopoly to control prices and exclude competition in the tech industry.
- As a monopoly, the corporation had the power to determine pricing in the market without any competition.
- The government stepped in to regulate the situation fearing the formation of a monopoly.