A(n) _____ exists when a country is the only source or producer of an item.

Monopoly A monopoly occurs when a country is the only source or producer of an item. This means that no other businesses are able to provide the same product or service, and the company has exclusive control over the entire market. This allows the company to raise prices and limit competition, which can result in decreased consumer choice and higher prices. Monopolies also reduce overall economic welfare by reducing innovation and competition.