Explanation:

A monopoly is an economic market structure where a specific person or enterprise is the only supplier of a particular good.A monopoly market is characterized by the profit maximizer, price maker, high barriers to entry, single seller, and price discrimination.A monopoly is a specific type of economic market structure. A monopoly exists when a specific person or enterprise is the only supplier of a particular good. As a result, monopolies are characterized by a lack of competition within the market producing a good or service.