A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity Monopolies are thus characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a highmonopoly price well above the firm's marginal cost that leads to a high monopoly profit.The verb monopolise or monopolize refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices.Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry .
The word monopoly means..mono :single

here exist single seller..... there is no freedom of entry and exit in this competition...... there will always abnormal profit in long run and short run...... demand curve is downward slopping in this monopoly market...... there is high prices for their product.....monopoly market seller is called price maker....
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