Monopoly occurs when there is only one provider of a service or product and no substitutes for the service or product exist.
There is always competitions between companies over similar products in market. Monopoly is a market structure when there is only one provider for a certain product or service in market. So there will be no competitions in this case and the only company will gain the whole profit. This company will control the market of that certain product. This is termed as monopoly in market.
The reasons for monopoly in an industry may be because of the high barriers they form like better technology, peak capital values, patents ,high production and distribution costs, government regulations, etc.
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