A monopoly is a company or group of companies that controls the supply of a product or a service. In the late 1800's, individuals such as John D. Rockefeller (1839-1937) and J. P Morgan (1837-1913) established large monopolies that came to be known as trusts.
Imagine there is only one company that makes blue jeans. How do you think that would affect the price, supply, and variety of blue jeans available? Do you think that any monopolies exist today? If so, what, if anything, should be done about them?