Economic Definition of realism monopoly. Defined.
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Term realism monopoly Definition: If taken to the extreme, monopoly, like perfect competition is an ideal market structure that does not actually exist in the real world. In the extreme, a "pure" monopoly is a market containing one and only ONE seller of good, a good with absolutely, positively no substitutes. The product is absolutely, certifiably unique. It not only has no CLOSE substitutes, it has NO substitutes. Period. End of story. In the real world, however, every product, no matter how unique it might appear to be, has substitutes. The substitutes might not be very close. They might be really, really bad substitutes. But they are substitutes. As such, there are no pure monopolies in the real world.