monopoly
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mo⋅nop⋅o⋅ly
[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. Compare duopoly, oligopoly. |
| 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. |
| 7. | (initial capital letter ) a board game in which a player attempts to gain a monopoly of real estate by advancing around the board and purchasing property, acquiring capital by collecting rent from other players whose pieces land on that property. |
1525–35; < L monopōlium < Gk monop
lion right of exclusive sale, equiv. to mono- mono- + pōl(eîn) to sell + -ion n. suffixRelated forms:
Based on the Random House Dictionary, © Random House, Inc. 2009.
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| mo·nop·o·ly (mə-nŏp'ə-lē) n. pl. mo·nop·o·lies
[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. |
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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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.]Cite This Source
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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monopoly
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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
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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.
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.
Copyright © 2003. Published by Houghton Mifflin.
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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
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Monopoly
real-estatereal-estate board game for two to eight players, in which the player's goal is to remain financially solvent while forcing opponents into bankruptcy by buying and developing pieces of property
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