Monopoly
The glossary of statistical terms, published by the Organisation for Economic Co-operation and Development (OECD), defines a monopoly as: ‘…a situation where there is a single seller in the market. In conventional economic analysis, the monopoly case is taken as the polar opposite of perfect competition. By definition, the demand curve facing the monopolist is the industry demand curve which is downward sloping. Thus, the monopolist has significant power over the price it charges, i.e. is a price setter rather than a price taker.’
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