A monopolistic corporation produces the amount at which marginal cost equals marginal revenue in order to maximize profits or reduce losses.
An individual, group, or business that dominates and controls the market for a particular commodity or service is referred to as a monopolist. Due to the absence of substitute products or services and competition, the monopolist has the ability to command high prices.
A company with a monopoly is one where its product is sold exclusively and there are no close substitutes. Unrestrained monopolies have the ability to set prices and exercise market power. Examples include Microsoft and Windows, DeBeers and diamonds, and your neighbourhood gas provider.
Monopolies have the advantage of ensuring a constant supply of a product that is too expensive to be sold in a market with competition.
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