It should be pointed out that not every economic theory agrees on what makes a monopoly. The most narrow definition is "supply of a good is owned wholly by an individual entity." Most practical economists prefer "a single entity owns most or all of a market for a good."
The classical end result of a monopoly is less supply of the good in question. Assuming relatively inelastic demand, reducing the supply of the good drives up prices. In other words, if most people still need a product but the supply of that product goes down, then the people who need it will try to outbid each other by paying more for it. If a monopoly did not exist, other market entities would simply increase their supply to satisfy the demand and bring prices back down. If a monopoly does exist, the price just goes up, and even worse fewer people were able to obtain the good.
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