a market structure in which a single firm dominates the entire industry, leaving no room for competition. This firm has complete control over the production, pricing, and distribution of the product or service it offers. As a result, it has the ability to restrict output and increase prices, resulting in reduced consumer choice and potentially harmful consequences for the economy. Monopolies may arise due to barriers to entry such as high startup costs, economies of scale, ownership of crucial resources or patents, and government regulation.
