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Basis for Monopoly
The underlying conditions that enable a firm or entity to become or remain the sole supplier of a good or service, such as control over resources, government regulation, or technology.
Pure Monopoly
An economic condition where one firm controls the market for a product, effectively eliminating competition.
Close Substitutes
Goods or services that can easily replace each other in consumption, offering consumers nearly identical satisfaction.
Natural Monopoly
A market situation where a single firm can supply a good or service to an entire market at a lower cost than could multiple firms.
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