A monopoly is when a company controls an entire, or almost an entire industry without significant competition. For example, Amazon is a monopoly when it comes to online delivery.
There are lots of advantages and disadvantages. When a monopoly is in control of an industry, they can afford to be more risky and spend more on research, resulting in better products for consumers in less time.
On the other hand, monopolies can easily raise prices without having to worry about loss of buyers. For example, Epipens initially only cost about $20, and now they've been raised so much they cost around $1000. The reason the manufacturer of Epipens can do this is because it is a monopoly in the industry, and has no competitors to challenge it. Thus, consumers have no choice but to purchase Epipens, whether they like it or not.
