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Monopolies: US Monopolistic Market.
Economics defines a monopoly as being a "persistent market situation where there is only one provider of a kind of product or service (good)." There are certain factors that make monopolies unlike any other market situation. There are actual three of these factors: competition, substitutes, and entry into the monopolized market. There are also many different types or forms of monopolies. The main five types are: legal, natural, local, competitive, and coercive. A popular way to understand monopolies and all that they entangle is with an economic analysis. Where primary characteristics of m…
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