Monopoly
Monopoly Meaning:
What a firm has when it is the only seller of a good or service in a particular market. Monopolies occur because barriers to entry prevent or greatly impede other firms from entering the market and competing with the monopoly firm.
What a firm has when it is the only seller of a good or service in a particular market. Monopolies occur because barriers to entry prevent or greatly impede other firms from entering the market and competing with the monopoly firm.
When pharmaceutical giant Pfizer released Viagra (a very popular product) there were no other firms selling it and no substitutes for it. Hence, Pfizer had a monopoly in the market for erectile dysfunction medication.