Monopoly
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A monopoly is a single firm that sells a product having no close substitutes. The firm has almost no competitors.
In the United States, as a result of the Sherman Antitrust Act of 1890 and subsequent legislation, monopolies are illegal; more specifically,
- While it is not illegal to have a monopoly position in a market, the antitrust laws make it unlawful to maintain or attempt to create a monopoly through tactics that either unreasonably exclude firms from the market or significantly impair their ability to compete.[1]
References
- â Maintaining or Creating a Monopoly, U. S. Federal Trade Commission website