Absence of feasible products acting as replacements or substitutesLack of competition on the economic levels, with respect to the availability of goods or servicesMonopolists are basically price-makers of their own products
Monopoly is a commercial term. Its various forms are:Government Monopoly: These monopolies are solely reserved by the government, for it to venture independently and all alone.
Government-granted Monopoly or Legal Monopoly: It is usually granted by the government of a country. Sanctioned on the state levels, this monopoly encourages investment in enterprising commercial endeavors.
The modern concepts on the Theory of Monopoly says that if a monopoly is not safeguarded from competitions by restrictions on government levels, it not only subject to possible competitions but is prone to exploit the consumers and earn huge profits.