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."The local bus company has a monopoly on public transportation in the city. "businesseconomylawindustryorganizationgovernmentChat 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."economybusinessindustrycommerceChat 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."businesseconomygovernmentlawrightfinancepropertyChat with AIVocabulary GamePractice Reading
noun🔗Share(metonymy) The market thus controlled."The company's monopoly on the latest software made it difficult for smaller firms to compete. "businesseconomyChat with AIVocabulary GamePractice Reading
noun🔗Share(metonymy) The holder (person, company or other) of such market domination in one of the above manners."Because they were the only internet provider in town, the residents accused the company of being a monopoly, charging unfairly high prices. "businesseconomyfinancelawindustryChat with AIVocabulary GamePractice Reading
