Exchange of goods and services exists since the beginning of society. In the early days it came in the form of bartering, and with the development of society it evolved into trade as pragmatic as of exchanging money for goods and services. The market, as the place where supply and demand meet, can be split into perfect competition and imperfect competition. Monopoly, as the market structure, belongs to the imperfect competition. It is in the era of capitalism that monopoly power has grown shaping the future of modern economy and business. This essay will explore the market structure of monopoly as well as precisely define the term monopoly. The forms of monopoly are natural and government-granted. The differentiation between monopolies is based on key differences and specifics of each type of monopoly. Monopoly presents one end of the spectrum, so monopoly is defined by the characteristics of monopolistic competition where actual competition is lacking and is non-existent. Without and competition to keep their prices in check, the company that operates the monopoly decides the price of the products or services it will sell at their own will. Based on the power to dictate price and supply, monopolies will direct their efforts and aspirations towards increasing their profit. Since profit is the most common measure of success, the goal of every monopoly company is to maximize their profits. To get to the profit maximizing point, the key is it look at values of marginal revenue and marginal cost which form the condition for profit structure. The theoretical definitions in this essay will be supported by practical examples to ensure clarity and deep understanding of the key learnings.