In a monopoly market structure, only one firm is dominating a particular industry. Monopoly power exists when a single firm controls more than 25 percent of a market. A natural monopoly market structure can be due to natural advantages such as strategic location and abundance of natural resources. E.g Gulf countries have a monopoly in crude oil production because of many natural oil resources available there. There are no competitions in the market and the monopolist are in a position to decide the price of the product. The monopolist is a price maker.
Madison believed along with other people that a national bill of rights was not necessary because the Constitution created federal government of limited powers. But Madison changed his mind.
