Monopoly and the uncompetitive exploration of a business or industry, by virtue of a privilege. It is the exclusive possession or right. To have a monopoly is to possess or enjoy exploitation in an abusive way, is to sell a product or service without a competitor, for high prices. from the greek monos, which means "one" and polein which means "sell".
Having a monopoly is a situation in which a single company dominates the offer of a certain product or service. It is when the market is dominated by a monopolistic structure and not by market laws, guaranteeing you a super profit. Most countries have a set of laws to prevent the formation of a monopoly.
Monopolies arise due to particular characteristics of a particular market, or due to government regulation. Coercive monopoly means that the demand curve for the good is negatively skewed, as the firm's demand and the market demand are the same.
oligopoly
While there is no competition in monopoly, oligopoly is characterized by a group of companies that dominate a certain sector of the economy or product placed on the market. They generally impose abusive prices and eliminate the possibility of competition by acquiring small businesses.
It is common for companies that form the oligopoly to establish production quotas (which raise prices) and territorial division of the consumer market among themselves, in order to increase their profit rates. The trend towards oligopolization is seen mainly in sectors of the economy that require large investments, such as the automobile, chemical and pharmaceutical industries, etc.
