I need to construct a brief explanation of the monopoly and its impact on the market the response has to be at least 300 words

Monopoly is the market situation where the supply of a certain good or service is controlled in its entirety (or in a very wide margin) by a single supplier. Thus, that sole supplier is the one who controls the market for said good or service, either because it is the only one who sells them, or because it sells them in such quantities that there is no real competition.

In monopolies, the supplier has a very broad power in determining the conditions of commercialization of the product, because in the absence of competition, it handles the variables of price, quality and quantity supplied of the product at will. For this reason, although it may have smaller competitors, these will never be able to match the monopolist in terms of their market presence.

Monopolies, as they imply lack of competition, are detrimental to consumers, because they do not allow them to select the best alternative among several different alternatives, which limits their choice and affects their consumption.

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