Monopoly exist when a certain individual or a group of individuals have a significant control over a specific service or product. Monopolies reduce economic competition for services or goods and lack of viable substitute goods. Hence, a firm will have more market shares than is expected under perfect competition (Pindyck, & Rubinfeld, 2011). Monopolies reduce innovation and efficiency, as a firm become complacent giants. This is because they do not have to be innovative or efficient in the market to compete.
I strongly disagree with CEO of Northsta