When single business or corporation dominates its area and squeezes out all its competition, the result is the consumer does not have a open choice, and inevitably, the price of its products or services will enhance, and the 'Monopoly' enhances its profit. Though, sometimes prices stay low to discourage anybody from entering the market, profit still does happen. Not to be confused with a pure monopoly, where a company has control over the whole market for a product because of barriers.
Though, a monopoly is a philosophical process of direct competition leading to a pure monopoly it is not in itself a purely dominating force. It is rather, the process of getting competitive grounds for strive toward total control.