What is a monopoly?

Answer by  dhuoda (1431)

A monopoly is simply a situation where one company dominates the market in a way that harms the consumer and keeps fair competition out. Most countries have a monopolies commission or similar organisation who take on any complaints and investigate them. They also issue guidelines and rules and it these rules form the basis of their decision process.

Answer by  fixitman (80)

A "monopoly" is what you're left with when a thriving business has absolutely NO competition. They rule the roost! Kinda like McDonalds in the 1950's or imagine Microsoft without Apple! Typically, if a company has a monopoly, they can charge what they want, do what they want and you're stuck with them!