In the field of economics, what is considered a monopoly?
A monopoly is when a single company or individual has a dominant position in a market and can freely raise prices without risk of losing customers to competing products. Monopolies are generally discouraged as they reduce competition.
Instruction: In the field of economics, what is considered a monopoly?
Context: 
Response: A monopoly is when a single company or individual has a dominant position in a market and can freely raise prices without risk of losing customers to competing products. Monopolies are generally discouraged as they reduce competition.