What is a monopoly and what are the benefits to owning a monopoly?

A monopoly is when you own/dominate an industry.eventually you will be so powerful you will either buy out competitors or run them out of business.After you do that you are the only person that is able to provide your services.So since you are the only one standing you can name your price and the customer will have to pay you.no one else just you.NOTE:it is now illegal to own a monopoly