A monopolist who is unable to make up a short-term loss in the long run typically exits the market.
Irving Fisher defines a monopoly as a market in which there is "no competition," leading to a situation in which one individual or company is the exclusive supplier of a certain commodity or service. This contrasts with oligopoly, duopoly, and monopsony, which relate to the dominance of a single firm over a market for the purchase of an item or service, respectively. Thus, the absence of viable substitute products, lack of economic rivalry for the production of the good or service, and the possibility of a high monopoly price that is much above the seller's marginal cost and creates a large monopoly profit are the characteristics of monopolies.
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