A monopoly exists when only one company is the supplier of a particular good or service which has no close substitute.
The company has the power to prevent other firms from entering the market and is thus in a position to supply its goods or services at any price it desires.
It is a price maker not a price taker .
A monopolist firm can maximise its profits by producing fewer goods, creating a greater demand for the product and selling them at high prices.
A monopoly is the opposite of perfect competition as it creates a situation of no competition