__________________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost below that of all other countries.
Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. The verb "monopolize" refers to the process by which a company gains the ability to raise prices or exclude [ competitors. In economics, a monopoly is a single seller. In law, a monopoly is business entity that has significant market power, that is, the
power, to charge high prices. Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market). ]