<P> A monopoly ( from Greek μόνος mónos ( `` alone '' or `` single '' ) and πωλεῖν pōleîn ( `` to sell '' ) ) exists when a specific person or enterprise is the only supplier of a particular commodity . This contrasts with a monopsony which relates to a single entity 's control of a market to purchase a good or service , and with oligopoly which consists of a few sellers dominating a market . Monopolies are thus characterized by a lack of economic competition to produce the good or service , a lack of viable substitute goods , and the possibility of a high monopoly price well above the seller 's marginal cost that leads to a high monopoly profit . The verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors . In economics , a monopoly is a single seller . In law , a monopoly is a business entity that has significant market power , that is , the power to charge overly high prices . Although monopolies may be big businesses , size is not a characteristic of a monopoly . A small business may still have the power to raise prices in a small industry ( or market ) . </P>
<P> A monopoly ( from Greek μόνος mónos ( `` alone '' or `` single '' ) and πωλεῖν pōleîn ( `` to sell '' ) ) exists when a specific person or enterprise is the only supplier of a particular commodity . This contrasts with a monopsony which relates to a single entity 's control of a market to purchase a good or service , and with oligopoly which consists of a few sellers dominating a market . Monopolies are thus characterized by a lack of economic competition to produce the good or service , a lack of viable substitute goods , and the possibility of a high monopoly price well above the seller 's marginal cost that leads to a high monopoly profit . The verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors . In economics , a monopoly is a single seller . In law , a monopoly is a business entity that has significant market power , that is , the power to charge overly high prices . Although monopolies may be big businesses , size is not a characteristic of a monopoly . A small business may still have the power to raise prices in a small industry ( or market ) . </P>
which of these is the best description of a monopoly answers.com
which of these is the best description of a monopoly answers.com
a specific person or enterprise is the only supplier of a particular commodity a single seller a business entity that has significant market power
a specific person or enterprise is the only supplier of a particular commodity a single seller a business entity that has significant market power