Monopoly is the condition when there is certainly one business or one is the only company in the market. Characteristics Profit Maximization: Maximizes earnings. Price Machine: Decides the price of the nice or product to be sold. High Barriers to Entry: Other retailers cannot enter the marketplace of the monopoly. Single vendor: In a monopoly there is certainly one vendor of the good that produces all the output. Therefore, the whole market is being served by a single..