👉 Monopolistically refers to a market structure in which a single entity or group has complete control over the production, distribution, and sale of goods or services. In this context, it means that there is no competition among sellers in the market, meaning that all sellers are able to charge prices higher than any other seller. Monopolistic markets are characterized by high barriers to entry and a concentration of power in the hands of one individual or group.
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What is the definition of Monopolistically? 🙋
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What is the definition of Monopolistic? 🙋
👉 Monopolistic refers to a situation where one individual or group has complete control over a particular market or industry, often leading to high prices and limited competition. Monopolies are characterized by a concentration of power in the hands of a few individuals or companies, which can limit innovation and competition, potentially setting the price for goods and services.
