What is monopoly?

Hi, Osamwonyi!

Please click on the following search.

Monopoly Definition - Google Search (http://www.google.com/search?hl=en&safe=off&q=Monopoly+Definition)

If you're asking about it as it might be concerning a particular situation, it would be helpful to know about that.

Thanks!

Monopoly is a market structure in which there is a single seller, thr r no close substitute for da commodity it produces and there r no barriers to entry.

A monopoly is created when a company is so successful that it eliminates competition with other similar companies. For example if I were to have a business in selling bottles and you did too and if I only sold a bottle for 10 cents while you sold yours for $1 and every time you decided to lower your cost, I would lower mine even more, people would buy my bottles and not yours. So I would be a monoply because I would lower my price down very low and drive other people out of business by doing so. My sister said that monopolies are illegal because they lower costs so much that there can't be competition.