Answer:
A monopoly is a company that exists in a market with little to no competition and can therefore set its own terms and prices when facing consumers, making them highly profitable.
While monopolies are both frowned upon as well as legally suspect, there are several routes that a company can take to monopolize its industry or sector.
Using intellectual property rights, buying up the competition, or hoarding a scarce resource, among others, are ways to monopolize the market.
The easiest way to become a monopoly is by the government granting a company exclusive rights to provide goods or services.
Government-created monopolies are intended to result in economies of scale that benefit consumers by keeping costs down.
