Dictionary.com Unabridged (v 1.1) - Cite This Source - Share This

American Heritage Dictionary - Cite This Source - Share This

mo·nop·o·ly       (mə-nŏp'ə-lē)  Pronunciation Key  n.   pl. mo·nop·o·lies Exclusive control by one group of the means of producing or selling a commodity or service: "Monopoly frequently ... arises from government support or from collusive agreements among individuals" (Milton Friedman). Law A right granted by a government giving exclusive control over a specified commercial activity to a single party. A company or group having exclusive control over a commercial activity. A commodity or service so controlled. Exclusive possession or control: arrogantly claims to have a monopoly on the truth. Something that is exclusively possessed or controlled: showed that scientific achievement is not a male monopoly. Exclusive possession or control: arrogantly claims to have a monopoly on the truth. Something that is exclusively possessed or controlled: showed that scientific achievement is not a male monopoly. [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.

Online Etymology Dictionary - Cite This Source - Share This
monopoly 

WordNet - Cite This Source - Share This

monopoly
noun
1.	(economics) a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price you like"
2.	exclusive control or possession of something; "They have no monopoly on intelligence"
3.	a board game in which players try to gain a monopoly on real estate as pieces advance around the board according to the throw of a die

American Heritage New Dictionary of Cultural Literacy, Third Edition - Cite This Source - Share This
monopoly

The exclusive control by one company of a service or product.

Investopedia - Cite This Source - Share This

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

Monopoly is the extreme case in capitalism. Most believe that, with few exceptions, the system just doesn't work when there is only one provider of a good or service because there is no incentive to improve it to meet the demands of consumers. Governments attempt to prevent monopolies from arising through the use of antitrust laws.

Of course, there are gray areas take for example the granting of patents on new inventions. These give, in effect, a monopoly on a product for a set period of time. The reasoning behind patents is to give innovators some time to recoup what are often large research and development costs. In theory, they are a way of using monopolies to promote innovation. Another example are public monopolies set up by governments to provide essential services. Some believe that utilities should offer public goods and services such as water and electricity at a price affordable to everyone.

Related Links

Economics Basics Tutorial
Antitrust Defined

See also: Antitrust, Duopoly, Monopolist, Monopolistic Competition, Monopsony, Oligopoly, Perfect Competition, Price Fixing

Wallstreet Words - Cite This Source - Share This

monopoly

A business that is the sole supplier of a particular good or service. Regulated monopolies, such as electric utilities, are generally restricted as to the returns they are permitted to earn. Other monopolies such as firms with unique products or services derived from patents, copyrights, or geographic location may be able to earn very high returns. Compare oligopoly.

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monopoly

Of, relating to, or being a market in which there is a single seller of a particular good or service. For example, electric utilities nearly always operate in monopoly markets. Compare monopsony.

Merriam-Webster's Dictionary of Law - Cite This Source - Share This
Main Entry: mo·nop·o·ly
Pronunciation: m&-'nä-p&-lE
Function: noun
Inflected Form: plural -lies
1 : exclusive control of a particular market that is marked by the power to control prices and exclude competition and that esp. is developed willfully rather than as the result of superior products or skill —see also ANTITRUST Sherman Antitrust Act in the IMPORTANT LAWS section
2 : one that has a monopoly

Webster's Revised Unabridged Dictionary - Cite This Source - Share This

Monopoly

Mo*nop"o*ly\, n.; pl. Monopolies. [L. monopolium, Gr. ?, ?; mo`nos alone + ? to sell.]

1. The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product.

Raleigh held a monopoly of cards, Essex a monopoly of sweet wines. --Macaulay.

2. Exclusive possession; as, a monopoly of land.

If I had a monopoly out, they would have part on 't. --Shak.

3. The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France. [Colloq.]