Once one company is the only actor within a market or industry, they are free to set prices as they see fit. ![]() Like the popular board game of the same name, a monopoly is a market circumstance in which one business entity owns it all.Ī monopoly exists when free market forces are such that one firm can either force out or acquire every other competitor within a market. ![]() US antitrust laws prohibit monopolistic market behavior however, the nature of some markets has produced unique arrangements between market actors and the federal government.Īlso known as “statutory monopolies,” these business entities may be run privately, run in conjunction with the government, or run wholly by the government. A legal monopoly is a business entity that acts as a monopoly with a government mandate.
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