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Response to Discussion Post 1
I agree that a monopoly is a market system represented by a single company that delivers
a highly differentiated product in the market. In a monopoly market, there is a single commodity
seller, and there is no intense competition from any other seller. Because only one firm sells the
commodity, it becomes the maker of prices for the whole industry. Therefore, the consumers are
obliged to comply with the prices that the firm has set since there exists no close substitutes or
alternative sellers. In the natural life aspect, complete monopolies are r...
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