A monopoly occurs when a single company or entity has exclusive control over a particular market or industry. This means that they are the only provider of a specific product or service, which can limit consumer choices and lead to higher prices. Monopolies can arise from various factors, such as owning essential resources or having significant technological advantages. Governments often regulate monopolies to prevent abuse of power and protect consumers. In some cases, they may break up monopolies into smaller companies to encourage competition. Examples of monopolistic practices can be seen in industries like utilities, where a single provider may dominate the market, impacting pricing and service quality.