A monopoly is a market condition when a specific person or enterprise is the only supplier of a particular product or services.
What are the reasons why Monopoly Condition exist in a market?
Factors like government license, ownership of resources, copyright and patent and high starting cost make an entity a single seller of goods pr services i.e monopolistic condition.
What is the disadvantage of Monopoly Condition?
Characteristics associated with a monopoly market make the single seller the market controller as well as the price maker. He enjoys the power of setting the price for his goods i.e. consumer loss.