Two features of monopoly are as follows:
(i) One seller and large number of buyers Under monopoly, there is a single producer of a commodity. He may be alone or there may be a group of partners or joint stock company or a state. However, there are a large number of buyers of the product.
(ii) Restrictions on the entry of new firms Under monopoly, there are some restrictions on the entry of new firms into the monopoly industry. Generally, there are patent rights or exclusive control over a technique or raw material.