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OpenStudy (a_clan):
Could someone please explain to me the meaning of 'Status monopoly' with reference to production and consumption.
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OpenStudy (mahoganie.carson):
A monopoly is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition, which often results in high prices and inferior products.
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