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 : "The local bus company has a monopoly on public transportation in the city. " business economy law industry organization government 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." economy business 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." business economy government law right finance property Chat with AIVocabulary GamePractice Reading
noun Download 🔗Share (metonymy) The market thus controlled. Examples : "The company's monopoly on the latest software made it difficult for smaller firms to compete. " business economy 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 : "Because they were the only internet provider in town, the residents accused the company of being a monopoly, charging unfairly high prices. " business economy finance law industry Chat with AIVocabulary GamePractice Reading