Monopolies. The word monopoly is derived from Greek words meaning one seller.  If one company is the only manufacturer of a product, that company has a monopoly. It is able to set its own quality standards and establish selling prices. It can also control middlemen, such as wholesalers and truckers.

Under a monopoly, only one firm offers a product or service, experiences no competition, and sets the price, thus making it a price maker rather than a price taker.