In the short run, a firm in a monopolistically competitive market operates much like a(n) monopoly.
What is monopoly?
A scenario known as monopoly occurs when there is only one vendor in the market. The monopoly situation is viewed as the polar opposite of perfect competition in standard economic theory. A company with a monopoly is one where its product is sold exclusively and there are no close substitutes.
Unrestrained monopolies have the ability to set prices and exercise market power. Examples include Microsoft and Windows, DeBeers and diamonds, and your neighbourhood gas provider.
According to Irving Fisher, a monopoly is a market where there is "no competition," which results in a scenario where one person or business is the only supplier of a given good or service.
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