Monopoly
What Monopoly means in Economics GCSE, as defined for AQA, Pearson Edexcel.
Definitions of Monopoly
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Reference: AQA
A market structure where a single producer controls the entire supply of a good or service, meaning the firm is the industry.
A market in which a single firm dominates, with 100% market share in a pure monopoly or over 25% in a legal monopoly.
A market structure where one firm dominates the market. (In the UK, defined legally as having 25%+ market share).
Topics that use Monopoly
- Non-competitive markets (AQA GCSE)
- Business competition (Pearson Edexcel GCSE)
Related terms
- Non-price competition
- Oligopoly
- Barriers to entry
- Competition
- Consumer welfare
- Dynamic efficiency
- Interdependence
- Market power
Using Monopoly in the exam
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