Monopoly
When a specific person or enterprise is the only supplier of a particular commodity
Real World Example
During the Industrialization era from 1870 to 1900, monopolies became significant as certain companies gained complete control over industries, like steel or oil, by eliminating competition. This was important because it allowed these companies to set high prices and make huge profits, while stifling innovation and exploiting workers. Monopolies responded to the problem of fierce competition and the desire for companies to dominate the market. Today, monopolies still matter because they can limit consumer choices and increase prices, affecting our daily lives. For example, if one internet provider controls the market in your area, they might charge more since there’s no competition to keep prices low.
