What do we call a market dominated by a single business that produces a product or service?

A market that is dominated by a single business is referred to as a monopoly. In this type of market structure, one company holds the majority of the market share and is the sole provider of a particular product or service. This means that the business has significant control over pricing, supply, and overall market conditions since there are no direct competitors in that specific segment.

In a monopoly, barriers to entry are often high, preventing other businesses from entering the market and providing competition. This situation can lead to a lack of choice for consumers and potential issues with prices and innovation, as the monopolistic company may not have the same incentive to improve its offerings as a company would in a more competitive market.

The influence of a monopoly is a critical concept in business studies, as it showcases how market structures can impact not only businesses but also consumers and the economy as a whole.