A monopoly is a firm that is the only seller of a good or service that does not have a close substitute. Microsoft is an example of a monopoly because it dominates the operating systems market.
A monopoly is a firm that is the only seller of a good or service that does not have a close substitute. An example of a monopoly is Microsoft, which dominates the operating systems market. In a monopoly, the firm has no competition and can charge any price it wishes, subject to the demand curve.