The Power of the Monopolies is not limited by the Potential competition that exist in the Market Place.Since their is a single seller of the product
Step-by-step explanation:
A monopoly market is characterized by the presence of the sole/single seller of the product, and the absence of any close substitutes.
Some examples of a Monopoly firms are : Microsoft and Windows, DeBeers and diamonds are few to mention
The four key characteristics of monopoly are:
(1) A single firm catering to the whole market
(2) A unique product,no close substitutes available
(3) Restrictions on entry of the new Players and exit of the existing Players
(4) Technological Specialization :-specialized information about production techniques unavailable to other potential producers
So ,we can say that it is correct to say that the Power of the monopolies is not Limited by the existence of the potential competition