Monopoly.
Definition
A market structure in which a single seller controls the entire supply of a good or service with no close substitutes. Monopolies can charge higher prices because consumers have no alternatives, which is why governments often regulate or break up monopolies.
Examples
Real-world.
- 1 Standard Oil controlling about 90% of U.S. oil refining before being broken up in 1911
- 2 Local utility companies often operate as regulated monopolies for electricity or water
- 3 De Beers historically controlling the global diamond market