No Competition Market

MONOPOLY
.The word monopoly has been derived from the combination of two words i.e.,mono and poly.'Mono' refers to a single and 'poly 'means to control.
In this manner we can say that monopoly refers to a market situation in which there is only one seller of a commodity who controls the market that is solely controlled by the supply of a good or service ,and the entry of the other firms are strictly forbidden .In the monopolistic market there are no close substitutes for the commodity it produces and there are barriers to entry .The single producer may be in the form of individual owner, partnership or joint stock company.
In Monopoly the seller was a price setter he controls the market and care less for the customers and don't focus on the basic needs and wants of the customers.In the initial period marginal cost is high but after one point the marginal cost will not increase.
EXAMPLE:- 1. Telecommunications companies that operate the only service in an area.
2.Indian Railways
3.Hospitals that operate the only hospitals in an area.