Monopoly -

: There are no close substitutes available for consumers, leaving them with little choice.

: To sell more units, the monopolist must lower its price. Sources of Monopoly Power (Barriers to Entry) Monopoly

Monopolies typically form when "barriers to entry" protect a firm from competition: : There are no close substitutes available for

: Structural, legal, or economic obstacles prevent new competitors from entering the market. Monopoly