A monopoly exists when a specific individual or an enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it – what price is charged, in what quantity, to whom it is available, and so forth. Monopolies are thus characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.
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- The best of all monopoly profits is a quiet life.
- J. R. Hicks, Annual survey of economic theory: The theory of monopoly, Econometrica, Volume 3, Number 1, Jan., 1935, p. 8