Understanding Monopoly and Oligopoly

Skibidi vibes in the monopoly game, where one goon rules all. Imagine a toilet where only one supplier can drop the goods, thanks to those dank barriers to entry. Technical barriers like DeBeers owning diamonds? That is pure edge. Legal stuff like patents? Monopolies flex hard because of that. Monopolists are not just lowkey price-takers; they balance price and quantity like sigma males maximize profit. They face a downward-sloping demand curve, so they must do some math magic to optimize. The market power is real, and when demand is elastic, the monopoly feels the heat. It is a wild ship sailing on monopoly waters.