A large software company has developed the most popular word processor
on the market. Almost every consumer and business in the country uses its
product, which has forced most of its competitors out of business. If a new
company tries to promote an innovative word processor of its own, the large
company usually buys that business right away to eliminate the competition.
2
This situation best illustrates which market condition?

A monopoly is a dominant position of an industry or a zone by means of one agency, to the point of excepting all different possible competitors. Monopolies are frequently discouraged in loose-market countries. they're seen as main to price-gouging and deteriorating exceptional due to the dearth of opportunity choices for purchasers.

what's a monopoly instance?

Monopoly instance #1 – Railways

The government affords public services just like the railways. for this reason, they are a monopolist due to the fact new partners or privately held companies are not allowed to run railways. however, the charge for the tickets is affordable so that the general public can use public shipping.

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