Answer:-
In economics, a monopoly is basically when one company or entity dominates an entire industry or market. It's like the heavyweight champion of the business world, where there's only one player in the ring calling all the shots. So, instead of having a bunch of companies competing for your attention and dollars, you've got this one big boss running the show. This can be a bit of a double-edged sword – on one hand, the monopoly might be super efficient and good at what it does, but on the flip side, there's less competition, which can sometimes mean higher prices and less incentive for innovation. It's like being the only pizza place in town – you can charge whatever you want for a slice because, well, where else are people gonna go?
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