Understanding Monopolies in Market Structures

Now, Finally the third type of market that is iintroduced to us is monopolies.

A monopoly, not to be confused with the board game, is a single firm industry that often

works at an inneficent, profit maxamizing level. The barriers are often super high

to enter from either patents, technology, or ownership of materials.

In all though, governments tend to take action to stop monopolies and encourage perfect

competition.