A monopoly market refers to a market structure where there is only one seller or producer of a particular product or service, giving them complete control over the price and supply.
Related terms
Barriers to Entry: These are obstacles that make it difficult for new firms to enter a market and compete with an existing monopolist.
Price Maker: In a monopoly market, the company has the power to set prices because there are no competitors.
Natural Monopoly: This type of monopoly occurs when it is more efficient for one firm to provide goods or services due to economies of scale. For example, providing electricity or water services in a specific area.