Monopoly
A monopoly exists when a single firm is the only seller of a good or service with no close substitutes, usually because of a significant barrier keeping other firms out, like a legal restriction, control of an essential resource, or large enough size advantages that one firm can supply the whole market more cheaply than several smaller firms could, called a natural monopoly. Because a monopolist faces no direct competition, it can set its own price rather than simply accepting a market price, though it is still limited by how much consumers are willing and able to pay at that higher price.
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