Monopoly: A situation in which a single company owns all or nearly all of the market for a given type of product or service . This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition Example 1: United States Postal Service (USPS) • Briefly describe what makes your examples a monopoly. They are the only service allowed to deliver non-urgent letters and use U.S. Mail boxes at residential and commercial destinations. • How did they become a monopoly? The USPS's first incarnation was established by Benjamin Franklin in Philadelphia in 1775, by decree of the Second Continental Congress . The Post Office Department was created from Franklin's operation in 1792, as part of the United States Cabinet , and then was transformed into its current form in 1971, under the Postal Reorganization Act . • What effect does that monopoly have on the market? It has little effect there is not a market, because the competitors have regulations they can one
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