In a monopoly situation, the one firm is ultimately the industry itself. A market that is a monopoly cannot be entered because the costs are too high. Additionally, other qualities can be involved in a monopoly beyond high, restricting ongoing costs. These qualities may be economic, social or political.
Exclusive rights to a natural resource is another possible example of a monopoly, as is the ownership of patents or copyrights.
An example of a monopoly was Teranet Income Fund, before it was taken over in 2008. Teranet managed Ontario’s electronic land registration system. Teranet was granted an exclusive license from the Ontario government to operate the land registry system. Teranet’s guaranteed monopoly cut its risk and provided steady cash flow. The fund’s growing customer base would also eventually help protect it from new competitors when its license expired. As well, customers used to Teranet’s products were reluctant to switch to an unfamiliar information provider.
Monopolies are an example of the extreme side of capitalism. The opposite of a monopoly is considered perfect competition.
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