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1. There is no other good like yours: if customers want your product, they will have to pay the price you offer. For example, Epipens are necessities for many with severe allergies, so Mylan can charge high prices without decreasing the quantity demanded.

2. There is no competition: whether you have a legal or illegal monopoly, you will never have to deal with competitors. Your business will either be protected by the government or have enough money to buy the competitor. Regardless, if a customer wants a product like yours, they will have to buy from you. For example, copyrights protect many Disney characters, making Walt Disney the only company legally allowed to sell merchandise of their characters.

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There are legal ways to have a monopoly, such as having a patent or copyright on an invention or piece of original media; you are then the only person who can produce copies of your work until the patent/copyright expires.

Another example is a public franchise, in which the government gives a firm sole permission to sell a product. An example would be cable companies is a specific region.

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A monopoly consists of three primary characteristics
1. There is only one seller
2. The product sold has no close substitutes
3. The barriers to enter or exit the market are high

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Before Antitrust Laws, companies would buy their competitors to create monopolies. Antitrust laws--like the Sherman Antitrust Act--make the purchase of other companies, drastic price-cutting, price discrimination, and other unfair methods of sale that could create monopolies illegal.

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In the 1910's, AT&T was the fastest growing telephone service in the nation, controlling a massive 50% of the market over other services. AT&T was granted a monopoly in 1919 as the government believed it would be best for the nation to unite under one inexpensive, regulated network. The monopoly was broken in 1984, but if AT&T remained a monopoly, their company profile would look like the following:

"'One system, one policy, universal service.'
AT&T strives to provide the best service for your family at the best cost. We only wish to provide affordable prices that no one else can offer. Additionally, your security is our top priority, and we've been trusted by your faithful leaders to keep your private information safe: believe them, we are the only one for the job. With our numerous services and security and cost benefits, we know we are the telephone service for you."

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1. You are not guaranteed profit: if your good is not a necessity, you will have a ceiling price that you can charge without losing too many customers. If this price is below the average cost of a unit, you will never generate profit. For example, many unique, small businesses can be considered monopolies, but many fail because the demand is too low to turn a profit.

2. There are antitrust laws out to get you: the government wants to promote competition to control prices, so to do this, it has signed many antitrust laws to bust monopolies. Usually, these laws attack illegal monopolies, but will sometimes dismantle legal monopolies if they are no longer desired. In 1984, the government dismantled AT&T's monopoly for its overwhelming prevalence in America.