Why is there no competition in a monopoly?

Answer 1

In a monopoly, a single seller dominates the market, controlling the entire supply of a product or service, which eliminates competition. This occurs because significant barriers to entry, such as high startup costs or exclusive access to resources, prevent other businesses from entering the market. As a result, the monopolist can set prices and dictate terms without the pressure of rival companies. Consequently, consumers have limited choices and may face higher prices and reduced innovation.