Definition, Meaning & Synonyms

monopolism

Noun

/məˈnɒp.ə.lɪ.zəm/

Definition

The practice of maintaining a monopoly, where a single entity has exclusive control over a commodity or service.

Examples

The monopolism of tech companies often raises concerns about consumer privacy.
Critics argue that monopolism stifles innovation and leads to higher prices for consumers.
Governments may implement antitrust laws to prevent monopolism in various industries.

Meaning

Monopolism refers to a market structure in which a single company or organization is the sole provider of a particular product or service, restricting competition and customer choice.