Monopoly is defined as the exclusive possession or control of the supply or trade in a commodity or service.
Demand in a monopoly is inelastic. This means that regardless of the changes in price, demand will still be the same. Examples of monopoly are public utilities. Whether we like it or not, we use public utilities(water, electricity, natural gas, and telecommunications). These are parts of our daily lives and satisfy our basic needs. Even if price of these utilities increase, the demand would still be the same. There are no competitors for these products.
