noun Download 🔗Share A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it. Examples : "Historically, railway transportation was often controlled by monopolies, allowing them to set high prices. " business economy organization government law politics industry finance Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share An exclusive control over the trade or production of a commodity or service through exclusive possession. Examples : "A land monopoly renders its holder(s) nearly almighty in an agricultural society." business economy industry commerce Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share The privilege granting the exclusive right to exert such control. Examples : "Granting monopolies in concession constitutes a market-conform alternative to taxation for the state, while the crown sometimes bestowed a monopoly as an outrageous gift." economy business government law politics commerce industry organization state Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share (metonymy) The market thus controlled. Examples : "Because only one company produced all the school's textbooks, they essentially had monopolies on the education market. " economy business Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share (metonymy) The holder (person, company or other) of such market domination in one of the above manners. Examples : "The school's monopoly on after-school sports programs meant no other clubs could use the facilities. " business economy industry Chat with AIVocabulary GamePractice Reading
