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1. The monopoly may have more resources
2. Hard to get brand recognition if you do not have enough resources
3. May not succeed because the competition has further advanced tools and resources to grow their company

A real-life example would be it can lead to market saturation and lower profit margins for all companies involved, which can make it harder for smaller companies to compete

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1. You can set prices as high as you want
2. You don't have to worry about competitors undercutting you
3. You can offer lower prices and better products or services
4. Can attract customers away from the other monopoly by having better prices, products, etc

A real-life example would be competition from Apple, Google, and other tech companies encourages Microsoft to innovate and improve its products to stay ahead in the market

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Pieces of information from the textbook about monopoly 

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Pieces of information from the textbook about monopoly 

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1. The market consists of one seller
2. The single seller sells a product that has no close substitutes
3. The barriers to entry are high, which means that entry into the market is extremely difficult