Market situation where one producer controls supply of a good/ service, and where the entry of new producers is prevented/ highly restricted. Monopolist firms (in their attempt to maximize profits) keep the price high and restrict the output, and show little/ no responsiveness to the needs of their customers.
Most governments therefore try to control monopolies by:
(1) imposing price controls
(2) taking over their ownership (called 'nationalization')
(3) by breaking them up into two or more competing firms.
Although monopolies exist in varying degrees (due to copyrights, patents, access to materials, exclusive technologies, or unfair trade practices) almost no firm has a complete monopoly in the era of globalization.
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