In economics, a monopoly exists when a specific individual or an enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it.
In economics, a monopoly exists when a specific individual or an enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it.
I agree with you, monopoly is possible only when there is no competitor and one single firms owns all the products or services. I am uploading a document which will explain you better about monopoly.
