This type of market can be detrimental to consumers, who must absorb the price increases for any product or service; consumers will also have very few choices about how to purchase the item or items they want. A monopoly market places plenty of power in the hands of just a few; often, someone who has a monopoly in the marketplace will hold a patent or copyright that allows them to produce an invention, formula, or product that no one else can copy effectively. Usually, these patents or copyrights will not exist in perpetuity. For example, certain medications have patents that run out - when they do run out, other pharmaceutical companies can access formulas and create generic versions of medicines. This sort of copying can ease the monopoly market and create more choices and better price points for consumers.
Lack of competition is an advantage for producers who hold a monopoly market in their particular segment of industry; this benefit can result in wealth and a strong brand name that gives a company an excellent reputation. However, if a company is too vicious and competitive in their attempts to hold on to a monopoly, they may be subject to legal actions from competitors or the federal government - Microsoft's anti-trust suit (brought about due to their desire to crush smaller companies who produced similar products) is one key example of what happens when a corporation becomes too heavy-handed about maintaining their monopoly.