A firm is a monopoly when there is one producer or a manufacturer who produces products or services which has no substitute or competition in the market and customer buy that specific products or services from that manufacturer only. Sometimes monopoly companies has competitors and substitutes but they don't effect the company's profit at all.
Microsoft, Fac-ebook and Go-ogle are real life examples of monopoly. They enjoy monopoly in their respective goods or services which has little competition that does not effect their profits and market stability. Like these three there are many monopolies in the market which shows monopolies are not theoretical concept and they even exist.
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