A Monopolist refers to an individual, group, or company that dominates and controls the market for a specific good or service. Market dominance is a key definition of a monopoly. The reason why one firm can be considered dominant over another is because there are very few firms that offer said good or service (e.g., Apple has a huge market share in smartphones).A monopolist is one who controls the supply of a good or service. Monopolists tend to have a large market share and have little competition in their industry.Monopolists are a common problem in many industries. They take advantage of consumers, by overcharging them for lower-quality products or services. Customers end up with no choice but to accept the high prices because there is only one business in the market.If a company has a dominant market share, it is known as being a monopolist. This means that there is no other competitor in its market that could potentially compete with it.
