Monopoly

{
  "id": "MLC-T-LAW-003282",
  "term": "Monopoly",
  "field": "Law",
  "definition": "A market structure characterized by a single seller or producer of a particular good or service, with no close substitutes and high barriers to entry for potential competitors. This exclusive control allows the entity to dictate prices and output without competitive pressure. Antitrust laws, such as the Sherman Act in the United States, aim to prevent the formation and abuse of monopolies.",
  "url": "https://mlchart.com/terminology/law/monopoly/"
}