Why is there no competition in a monopoly?

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asked Apr 24, 2019 99.1k views

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Pejman · Answer 1 · 2019-04-27T18:34:32+0000

A monopoly is when a single company or person has total control over an industry therefor no other product can be used as a substitute for that product. When there is no option for a substitute, there is no competition for that product or company.

Why is there no competition in a monopoly?

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