Monopoly
When a specific person or enterprise is the only supplier of a particular commodity
Real World Example
In history, especially during the Industrial Revolution in the United States, monopolies were significant because they allowed a single company or person to control an entire industry, like steel or oil. This meant they could set high prices and limit competition, often leading to vast wealth for the owners, like John D. Rockefeller with Standard Oil. Monopolies responded to the need for efficient production and distribution but often led to unfair practices and limited consumer choices. Today, monopolies still matter because they can impact prices and innovation, affecting what we buy and how much we pay. A real-life example is when one company dominates internet services in a town, leading to higher prices and fewer options for residents.
