In 1584, queen Elizabeth I granted a monopoly for settlement in America to Sir Walter Raleigh.
During Queen Elizabeth I's reign, Sir Walter Raleigh was a well-known explorer. His bravery and good looks won him favor with the Queen, who lavishly rewarded him. Raleigh was a scholar and a poet, but he is best remembered for popularizing the potato and addictive tobacco.
When one company and its product dominate an entire industry, there is little to no competition and consumers are forced to buy that specific good or service from one company is known as monopoly.
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