This is the situation in which one producer controls the market that is solely controlled by the supply of a good or service,and the entry of other firms is strictly forbidden. This type of market is known as monopoly.
They care less for the customers and don't focus on the needs and wants of the customers. First marginal cost is high but after one point the marginal cost will not increase.
For example- In our college,we have only one grocery shop and no other substitutes are there which at night after 9:30,charges higher in some products and don't give values to the customers as a shop needs to do. This thing that after 9:30 pm we don't have any option to choose from,so the grocery shop becomes the only source to get the required item. So the condition created in these case can be referred to a monopoly market.
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