The article discusses monopolies in the market of goods and services. Monopolies have a single producer and set high prices for their products. It is hard for new businesses to enter a monopoly market due to barriers set by the monopolist. Monopolists aim to maximize profits by setting prices higher than their costs. Compared to perfect competition, monopolies have higher prices, lower output, and set prices above their costs. Monopolies are price makers, while perfect competition is price takers.