The definition of a monopoly is the exclusive possession or control of the supply or trade of a commodity or service by a single company or group. Basically, a monopoly is a company or group that owns all of one product.
Monopolies can have high-priced, low-quality products because there is no competition keeping them in check. Federal antitrust laws forbid monopolies, but there are a few exceptions. For instance, if a business simply produces a superior product or is well managed, they may disadvantage their competition while not violating the antitrust laws. Businesses or consumers harmed by monopolies can file lawsuits against them.