What is monopoly in economics?

Question

213 viewsDecember 4, 2012Economics

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Griffin December 2, 2012 0 Comments

Which economic situation is the term monopoly exactly describes? Do you know some real world cases of monopolies and what was the legal implications in these cases?

1 Answer

score 0 · Answer 1 · 2012-12-02T20:52:11+00:00

Monopoly comes from the two Greek words (alone and sell). So, the two words refer to the situation where there is only one seller in the market.

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What is monopoly in economics?

1 Answer