Economics defines a monopoly as being a "persistent market situation where there is only one provider of a kind of product or service (good)." There are certain factors that make monopolies unlike any other market situation. There are actual three of these factors: competition, substitutes, and entry into the monopolized market. There are also many different types or forms of monopolies. The main five types are: legal, natural, local, competitive, and coercive. A popular way …
showed first 75 words of 995 total

showed last 75 words of 995 total
…so there was a salt "famine." Those that wanted salt, to preserve foods and other important uses, were left to the mercy of those who monopolized this industry. Monopolies can take over industries and demand high prices for things that really should be cheaper. And in some cases they are just part of life and government. Free market needs to be enforced in order to keep the economy alive and keep people happy, not starving.