What makes a monopoly?

A monopoly is defined as the exclusive possession or control of the supply or trade in a commodity or service. Monopolies are also illegal in the United States. Although most businesses ideally work toward a monopoly almost never accomplish it and that is a good 
, legally at least. In layman's terms a monopoly is when one business is the only supplier 
(for the most part) of a certain good and has complete control over price. Governments try to eliminate monopolies by enforcing antitrust laws. Antitrust laws are designed to prevent monopolies and monopolistic practice. 

What classifies a monopoly?

• One producer controls supply of a good.
• entry of new producer is highly restricted and/or prevented.
• Price-fixing: company controls price.
• Market share greater than 50%.

Well-known monopolies in history.

• Standard Oil
• Salt Commission
• De Beers
• AT&T
• Cable TV
• Hudson Bay Company

All of these companies at one point have held a monopoly over the market they do business in and have since been split up or no longer exist.

works cited:

Holmes, Alex. "10 Greatest Monopolies." The Ministry of Fear. N.p., 27 Jan. 2009. Web. 22 Oct. 2015.

"Monopoly Definition | Investopedia." Investopedia. N.p., 24 Nov. 2003. Web. 22 Oct. 2015.