Answer: A monopoly is the absence of competition in the market.
Explanation:
In such circumstances, the market creates a monopoly of one producer who takes huge capital and dictates prices. An example of a monopoly on the market is the existence of only one company that makes up the entire economic branch. In such circumstances, the monopolist can increase the product's price without losing the entire sale, i.e., operating successfully. In that situation, the monopolist remains the only one on the market, and the competition has no access to the market.
