mo·nop·o·ly Pronunciation[muh-nop-uh-lee]
1. exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices.
2. an exclusive privilege to carry on a business, traffic, or service, granted by a government.
3. the exclusive possession or control of something.
4. something that is the subject of such control, as a commodity or service.
5. a company or group that has such control.
6. the market condition that exists when there is only one seller.
Exclusive possession or control
[Latin monopōlium, from Greek monopōlion : mono-, mono- + pōlein, to sell; see pel-4 in Indo-European roots.]
mo·nop'o·lism n., mo·nop'o·list n., mo·nop'o·lis'tic adj., mo·nop'o·lis'ti·cal·ly adv.
Monopoly
A situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition - which often results in high prices and inferior products.
For a strict academic definition, a monopoly is a market containing a single firm.
Investopedia Commentary
A business that is the sole supplier of a particular good or service.
