Monopolists are firms that have exclusive control over the production and sale of a product or service in a particular market. They face no competition, allowing them to set prices and quantity produced at their discretion.
Related terms
Market Power: Market power refers to the ability of a firm to influence the market price by controlling its output.
Barriers to Entry: Barriers to entry are obstacles that prevent new firms from entering a market, giving monopolists more control.
Price Discrimination: Price discrimination occurs when a monopolist charges different prices for the same product or service based on customer characteristics or willingness to pay.