A monopoly expresses a market situation where one company owns all the market share and can control prices and output.
What are some instances of a monopoly?
A monopoly is a company who is the sole seller of its product, and where there are no comparable substitutes. An unregulated monopoly has market control and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local crude gas company.
What forces monopoly?
Monopolies can occur when one business owns a key resource. These are typically physical resources, such as diamonds. For example, if there is only one diamond abundance in the country, the business that owns it will be able to gain a monopoly.
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