Monopoly is the the exclusive possession or control of the supply or trade in a commodity or service. A monopoly has many disadvantages. A monopoly tends to have a poor level of service. A monopoly market is best known for consumer exploitation. There are indeed no competing products and as a result the consumer gets a raw deal in terms of quantity, quality and pricing. In a monopoly, lack of competition leads to low quality and out dated goods and services and consumers may be charged high prices for these low quality goods and services.
