Webster’s dictionary defines monopoly as ‘exclusive ownership through legal privilege, command of supply, or concerted action; exclusive possession or control; a commodity controlled by one party.’ In other words, through a variety of means, a producer may obtain sole or near sole control of a market. Through the control of the market, a monopoly restricts production, raises prices above fair market value, and prevents markets from efficient use of resources. This is accomplished towards the goal of maximizing profits.
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