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A monopoly is a market in which there exists only a single supplier of a certain good or service.
How it works
How the practice works.
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Why it is a problem
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Point 1
Point 2
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A monopolistic market is often harmful to consumers. A monopoly inherently does not have competition, since there is no other party to compete. The monopoly can therefore fix prices as they wish, with no one to compete for lower prices. This often leads to ridiculously high prices and is harmful to consumers.
Examples
Some examples of Monopoly include:
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Ticketmaster is often referred to as a monopoly of live events.
References