[This is part of the series: The Complete Guide To Economics 101.]
What is a monopoly?
Not the game, mind you.
A Monopoly is a situation in which there is only one supplier of a particular good or service.
Many wring their hands and worry about “monopoly-power,” but in reality, monopolies are extremely rare.
Monopolies are rare because there are usually alternatives.
Monopoly in oranges? I’ll have an apple.
Monopoly in coffee? I’ll have a cup of tea.
You get the idea.