A monopoly is often considered as the opposite of perfect competition where only one supplier serves the market ​(Durlauf & Blume, 2016)​. In other words, a firm exercising monopoly power can set soaring prices without losing all its demand ​(Tirole, 1988)​. What is more, soaring prices might increase firms’ profits while reducing the quantity of goods offered. A situation also referred to as the monopoly rent. Note that consumers served by a monopolist usually pay higher prices and consume less leading to welfare losses in comparison with a scenario of perfect competition. This is the reason economist usually argue in favor of antimonopoly and antitrust policies.