noun🔗ShareA 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."Historically, railway transportation was often controlled by monopolies, allowing them to set high prices. "businesseconomyorganizationgovernmentlawpoliticsindustryfinanceChat with AIVocabulary GamePractice Reading
noun🔗ShareAn exclusive control over the trade or production of a commodity or service through exclusive possession."A land monopoly renders its holder(s) nearly almighty in an agricultural society."businesseconomyindustrycommerceChat with AIVocabulary GamePractice Reading
noun🔗ShareThe privilege granting the exclusive right to exert such control."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."economybusinessgovernmentlawpoliticscommerceindustryorganizationstateChat with AIVocabulary GamePractice Reading
noun🔗Share(metonymy) The market thus controlled."Because only one company produced all the school's textbooks, they essentially had monopolies on the education market. "economybusinessChat with AIVocabulary GamePractice Reading
noun🔗Share(metonymy) The holder (person, company or other) of such market domination in one of the above manners."The school's monopoly on after-school sports programs meant no other clubs could use the facilities. "businesseconomyindustryChat with AIVocabulary GamePractice Reading
