monopolistic market
Definition
A situation where only "one" (Greek meaning of "mono") company offers its products or services to the public, thereby creating a monopoly, a sole supplying firm where the consumer has no option or choice but to buy their services or products. When this occurs, and there is no competition, prices will go up to the detriment of the public. Several government agencies keep the formation of monopolies under control, especially in markets like telecommunications, media, and utilities, among others.
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