This refers to there only being a single supplier available to provide a specific good or service to customers.
In monopoly situations customers have little power to influence price, quality or service standards and suppliers have little motivation to make the most efficient use of their resources. Monopolies can occur because of Integration, merging of two or more existing suppliers; Legal Requirements, for example Royal Mail; Market Success, for example by increasing market share to the point that no other supplier has a share; and First Provider, being the first supplier to offer the good or service.
Monopoly is a term normally found in business economics and financial management.
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