You will be given a definition of a task first, then some input of the task.
In this task, we ask you to elaborate the sentence without changing its general meaning. You can do so by explaining further the input sentence, using more precise wording, adding qualifiers and auxiliary information etc.

A monopoly usually happens when there is no economic competition to produce the product or service and there is no available substitutes to the product or service .
Output:
Monopolies are thus characterized by a lack of economic competition to produce the good or service , a lack of viable substitute goods , and the possibility of a high monopoly price well above the seller 's marginal cost that leads to a high monopoly profit .