A monopoly is characterized by the absence of competition, which can lead to high costs for consumers, inferior products and services, and corrupt business practices. A company that dominates a business sector or industry can use that position to its advantage at the expense of its customers.

What is a monopoly quizlet?

Monopoly. a market structure in which one firm makes up the entire market. the firm faces no competitive pressure from other firms.

What is monopoly and example?

A typical example of natural monopolies is the utilities companies, including telecoms, oil, gas, electricity and water companies. … Today, Comcast Corporation in the U.S. is a strong monopoly in the cable industry. Other examples include Microsoft in the software and technology industry and Google in the search engines.