Monopoly

In an economy there are certain different market situations and monopoly is one of them. To describe monopoly there are certain characteristics: there has to be one single seller who covers the whole market share for the supply of a specific product or a service, someone who sells a product when there are no single substitutes besides there are a large number of buyers available for that product.
There are significant and high barriers to entry, they are even so high, that no other producers can entry the industry. …