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1. A grocery store in a big city
2. A company that manufactures and sells screwdrivers
3. A small-town doctor
4. A pawn shop in the suburbs

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- Monopolies for necessary goods such as medicine can quickly make their prices skyrocket

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- Monopolies for necessary goods such as medicine can quickly make their prices skyrocket

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- If the company goes under, the area it was serving no longer has access to an entire market

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- If the company goes under, the area it was serving no longer has access to an entire market

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- The lack of competition makes it harder for sellers to identify the proper market price

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- The lack of competition makes it harder for sellers to identify the proper market price

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- The seller does not have to compete with other businesses

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- The seller does not have to compete with other businesses

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- Standard Oil, most famously, controlled the entire oil market during the Gilded Age. It bought all of its competitors, and soon, it had sole control over the oil market in the United States

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- Standard Oil, most famously, controlled the entire oil market during the Gilded Age. It bought all of its competitors, and soon, it had sole control over the oil market in the United States

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- In a town, there is only one veterinary clinic. Because these clinics must be owned by a licensed veterinarian, and it takes about eight years to get a doctorate of veterinary medicine, as well as the money for those eight years of college, the veterinary market has a high barrier to entry. Therefore, the one clinic has a local monopoly.

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- In a town, there is only one veterinary clinic. Because these clinics must be owned by a licensed veterinarian, and it takes about eight years to get a doctorate of veterinary medicine, as well as the money for those eight years of college, the veterinary market has a high barrier to entry. Therefore, the one clinic has a local monopoly.

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X-Cell Energy has a local monopoly in Minnesota. Because of this, we are all connected to one power grid, and energy is distributed at a largely affordable price through the entire state

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X-Cell Energy has a local monopoly in Minnesota. Because of this, we are all connected to one power grid, and energy is distributed at a largely affordable price through the entire state

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Currently, insulin prices are going up. If a company that produces insulin has a monopoly in a certain area, then they can charge nearly any price they want because people will buy it no matter what. Because of this, many people are unable to afford the insulin they need to survive.

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Currently, insulin prices are going up. If a company that produces insulin has a monopoly in a certain area, then they can charge nearly any price they want because people will buy it no matter what. Because of this, many people are unable to afford the insulin they need to survive.