A monopoly is a market structure in which a single firm is the sole seller of a product. Unlike an oligopoly, a monopoly has no rival firms with which to interact strategically. Its choice of quantity, price, or other action can therefore be modeled as a profit-maximization problem rather than as a game among firms.
Monopoly
See also
Game, OligopolyExplore with Wolfram|Alpha
References
Tirole, J. The Theory of Industrial Organization. Cambridge, MA: MIT Press, 1988.Cite this as:
Weisstein, Eric W. "Monopoly." From MathWorld--A Wolfram Resource. https://mathworld.wolfram.com/Monopoly.html