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What is a monopoly?

a. when the price of a product is lowered through competition
b. allowing several companies to sell the same product
c. total control of a market for a certain product
d. when the marketplace sets the price of a product

User Rootsmith
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Final answer:

A monopoly is when a single firm has total control of a market for a certain product, allowing it to charge any price it wishes.

Step-by-step explanation:

A monopoly is when a single firm has total control of a market for a certain product. This means that there is no competition in the market, allowing the firm to charge any price it wishes. While a monopoly refers to a single firm, in practice, it can also be used to describe a market where one firm has a very high market share. The U.S. Department of Justice often uses this definition. For example, Microsoft has been considered a monopoly because of its domination of the operating systems market.

User Chen OT
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