When an individual or company has complete control and ownership over a market or product, that entity is said to have a monopoly. A monopoly occurs when there is no or very little competition in the market, giving the controlling entity significant pricing power and the ability to limit supply and influence market trends. Monopolies can be harmful to consumers and the overall economy, as they can lead to higher prices, reduced innovation, and limited choices for consumers. Governments often regulate or break up monopolies to promote competition and protect consumers.