Monopoly is a market scenario where only one seller exists with no competitors in the marketplace. There is no close substitution of the goods and services(Rittenberg, 2009). Having a monopoly is advantageous for the organization as there are no substitutes, there are no competitors, and there is only seller thus the consumers have no option or power and have to accept the prices offered by the sole seller. Monopolies are not good for the marketplace and the overall economy.