A monopolist is a firm or individual entrepreneur that is the sole producer of a good and represents the entire market supply of that good. This exclusive control allows the monopolist to influence the price and quantity of the product in the market.
Scarcity refers to the limited nature of a resource or commodity, while scarcity value is the portion of a commodity's value that is attributable to its limited availability. Scarcity value arises when a good's demand surpasses its available supply.
A market in which demand has shrunk, or supply has grown faster than demand, making sales at reasonable prices more difficult, commonly referred to as a buyer's market.
