Answer:
When a business is the only supplier of a good or service and there are no close substitutes available, this is called a monopoly. A monopoly gives the company significant control over the market, allowing them to set higher prices and restrict output. This lack of competition can also lead to reduced innovation and a lack of incentive to improve products or services. Monopolies are generally considered harmful to consumer welfare, which is why many countries have antitrust laws and regulations in place to prevent them.