Monopoly
Single supplier of product/service; no competition.
Formula
Monopoly threshold (UK) = 25%+ market share
Real World
Google holds over 90% of the UK search engine market, giving it monopoly-like power to set advertising prices — regulators have repeatedly investigated its practices for anti-competitive behaviour.
Exam Focus
Don't just state a monopoly 'raises prices' — explain why lack of substitutes removes the consumer's ability to switch.
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