There are monopolies, oligopolies and something economists refer to as “perfect competition”. When the IPhone 1 was first introduced in 2007, it was completely innovative and broke down the barriers of what we have now come to know as a “mobile device.” Apple basically had a monopoly. It was the first to enter the market, and therefore prospered greatly (financially). Having said that, in a capitalistic society, competition is natural, and furthermore encouraged. Blackberry was actually the first to enter the smartphone market, but Steve Jobs (Apple) revolutionized the mobile phone industry; however that does not mean that the company is entitled to a monopoly.