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A situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition, which often results in high prices and inferior products.
The key characteristics of monopoly are Single seller for the products in a specified market, product uniqueness, restriction for new entry with many a hurdles, and also may have the characteristic knowing the production technology only known to and restricted control vested with the producer not made available to others.
Agreed with the answers to colleagues
Yes. agree with the statement
That's monopoly.
