Teacher:In this task, we ask you to rewrite a sentence in simple English without changing its general meaning. Essentially, you want to make the sentence easier to read by using simpler words, utilizing more straightforward sentence structures, and omitting non-essential information etc.
Teacher: Now, understand the problem? Solve this instance: Monopolies are thus characterized by a lack of economic competition to produce the good or service , a lack of viable substitute goods , and the possibility of a high monopoly price well above the seller 's marginal cost that leads to a high monopoly profit .
Student:
A monopoly usually happens when there is no economic competition to produce the product or service and there is no available substitutes to the product or service .