To have a monopoly, a business would be the sole manufacturer of a product or be able to dominate a particular industry because it could produce so much more of a product than its competitors.
What is a monopoly?
According to Irving Fisher, a monopoly is a market where there is "no competition," which results in a situation where one person or business is the only supplier of a specific good or service. 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 neighborhood gas provider. The Standard Oil company, founded by oil billionaire John D. Rockefeller, is one of the first and best-known examples of a monopoly. Cleveland, Ohio, saw the founding of Standard Oil in 1870, and over time, Rockefeller purchased rival oil refineries.
To learn more about monopoly click on the given link:
https://brainly.com/question/13113415
#SPJ1
