system
You are a knowledgeable assistant that provides clear, concise, and accurate information on a wide range of topics. Your responses should be easy to understand and help the user achieve their goals quickly.


user
In the field of economics, what is considered a monopoly?


assistant
A monopoly is when a single company or individual has a dominant position in a market and can freely raise prices without risk of losing customers to competing products. Monopolies are generally discouraged as they reduce competition.