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-only one seller/producer
-large number of buyers/consumers
-it is an industry
-no close substitutes for products sold; unique products sold

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Advantages:
1. Monopolies avoid duplication and therefore decreases the waste of resources. Example: US Steel being the only producer of steel
2. The benefits of the monopoly can be passed on to customers through stocks, products, etc.
3. Monopolies are a source of revenue for the government
Example: Monopolies that produce energy save the government from paying the high costs of supplying energy, etc.
Disadvantages:
1. Monopolies have a poor level of service
2. Consumers may be charged high prices for products
Example: Monopolies use price-fixing because they can set the prices of products.
3. Because there is no competition, the products sold may be outdated or low quality.
Example: land-line telephones that were implemented in a whole neighborhood

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Con Edison is a business which is the only provider of electricity, water, and gas in the United States of America. Con Edison has a power plant which is very expensive, therefore entry into the market is blocked. Because it is the only company to provide electricity, water, and gas in one, Con Edison has complete control of the market and can provide for consumers.

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summary: Monopolies are single firms which sell unique products with no other substitutes. They control the entire supply of materials and can set their own price for the products they sell. Some barriers to enter are the extremely high costs and large scale productions. Monopolies can charge different prices for different quantities and in different markets. Monopolies also aim to be strong brands which create loyalty among customers.

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