There is a relationship between a monopoly and competition. The true statement about the relationship between a monopoly and its competition in a market is that Monopolies are formed when they buy out their competition in a market.
Note that a single-firm monopolies are very hard to see but it is good to look into examine the monopolist's market conduct and performance so as to state or establish a standard.
Monopoly is simply known as a business entity that has good market power. The power is simply to charge overly high prices, which is linked with a decrease in social surplus.
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