Provide one real-life example of a monopoly (or near-monopoly) in any economy, and what market-entry barriers make it a monopoly

Con Edison is an ideal depiction of a monopoly. The company has specialized in the provision of electricity and other utilities like gas and water in the United States. Notably, Con Edison enjoys monopoly powers, which enable it to control the entire market.

The following factors explain why Con Edison is a monopoly:

• High startup capital. It is worth noting that the cost of setting up, maintenance, and provision of utility bills is relatively high. Indeed, the high cost is a major barrier of entry, preventing other investors from capitalizing in the provision of utility bills.
• Control of a natural resource. Con Edison control major resources such as gas. Markedly, the ability of the company to control the major resources renders it difficult for other firms to enter as they will be prompted to incur high costs hence minimizing their chances of making profits, thus, owing Con Edison the monopoly powers.