 A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsonate which relates to a single entity's control of the market to purchase a good or service, and with oligopoly which consists of a few sellers dominating a market. Two monopolies are thus characterized by a lack of economic competition to produce the good or service. A lack of viable substitute goods, and the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit.The verb monopolize or monopolize refers to the process by which the company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices. Although monopolies may be big businesses, size is not a characteristic of a monopoly. The small business may still have the power to raise prices in a small industry or market. A monopoly is distinguished from a monopsonate, in which there is only one buyer of a product or service, a monopoly may also have monopsonate control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel of form of oligopoly in which several providers act together to coordinate services, prices or sale of goods. Monopsonates and oligopolys are all situations in which one or a few entities have market power and therefore interact with their customers. Monopoly or oligopoly or suppliers' monopsona in ways that distort the market. Monopolis can be established by a government, form naturally, or form by integration. In many jurisdictions, competition laws restrict monopolies. Holding the dominant position or a monopoly in a market is often not illegal in itself, however certain categories of behavior can be considered abusive and therefore incur legal sanctions when business is dominant. The government-granted monopoly or legal monopoly, by contrast, is sanctioned by the state, often to provide an incentive to invest in a risky venture or enrich a domestic interest group. Patents, copyrights, and trademarks are sometimes used as examples of government-granted monopolies. The government may also reserve the venture for itself, thus forming a government monopoly.citation needed. Monopolis may be naturally a current due to limited competition because the industry is resource-intensive and requires substantial costs to operate.