A(n) monopoly occurs when a market runs most efficiently with one firm supplying the output.

Simple or single monopoly:

Explanation:

A monopoly is a single market that sells and suppliers the one type of raw material or product which has no other substitute. Or maintains command over the entire region of dominance. There exist various types of monopoly such as private and public and absolute, legal and natural, etc. The single or simple monopoly is the one in which the market is run by the same company that tried to sell the same product at the same price to the same consumers without any other competitor. To maximize profits and reduce price discrimination. Sources of monopoly are advertisements, control on natural resource and network externalities.

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