When one group controls an industry or market by being the only provider, this is called _____.

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03-03-2016
Business

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When one group controls an industry or market by being the only provider, this is called _____.

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meerkat18 meerkat18 · Answer 1 · 2016-03-12T15:42:23+01:00

meerkat18 meerkat18

12-03-2016

When one group controls an industry or market by being the only provider, this is called MONOPOLY.

Mono - Greek monos means one or single
Poly - Greek polein means to sell.

Monopoly is a market where only one sells a certain good or service. In this type of market there is no competition thus the monopolist is not driven to improve his commodity because consumers have no other choice but to buy his product.

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