Monopoly happens when a solitary vender produces for some buyers.
The item is to a great degree not quite the same as others and no other firm is creating such item. Thus, it has full power over market cost.
Qualities:
One vender, Numerous purchasers.
Diverse ware.
Confinements on passage and exit.
No substitute.
Value producer.
Regular approaches to emerge:
Government permit/Government control.
Patent rights.
Selective normal assets.
and yes they are still a concern and solution to it is necessary..