What does a monopoly market structure signify?

A monopoly market structure signifies that a single firm dominates the market, meaning it is the sole provider of a particular good or service. This scenario allows the monopolistic firm to have substantial control over the pricing and supply of the product, leading to the potential for higher prices and reduced output compared to competitive markets. In monopolies, the lack of competition often results in limited options for consumers, since no other firms provide alternative products. Therefore, the market lacks the dynamics that typically lead to lower prices and increased innovation found in competitive industries.