What are 10 things about a monopoly

I am not sure if the question is about the game Monopoly or that of a market structure in economics. As the other answer is about the game, here are ten things about a monopoly market:

1. In a monopoly market, there is only one producer. If you want the product or service, you can only get it from that producer.

2. There is usually limits on entry to the market - that is why there is only one producer.

3. The limit can be due to laws imposed by the government.

4. Or it can also be due to a technological lead held by the one producer.

5. In a monopoly market, there is no competition.

6. The price is set by the one producer. Consumers have no control or influence on price.

7. Other than a few exceptions, monopoly is considered bad for the economy.

8. The exceptions are such as utilities - water/electricity companies.

9. One example of monopoly is the diamond supply which is controlled by one company.

10. The game Monopoly is based on the concept of monopoly market.

answerinsider trading