👉 Monopolism, also known as monopoly power, is a form of economic power that allows one or a small number of individuals to dominate market supply and demand. Monopolists are typically government agencies, corporations, or individuals who own or control significant amounts of resources in a particular industry. In the context of monopolistic markets, a single firm or group of firms has the ability to set prices, determine production levels, and allocate resources, effectively controlling the quantity and quality of goods or services available for
