Definition, Meaning & Synonyms

monopoly

noun

məˈnɒp.ə.li

Definition

A monopoly is a market structure in which a single seller or producer controls the entire supply of a product or service, giving them significant power over price and availability.

Examples

The tech giant has a monopoly on the search engine market, making it difficult for competitors to succeed.
During the 19th century, the railroad company held a monopoly over transportation in the region.
Critics argue that the monopoly of the utility company leads to higher prices for consumers.

Meaning

Monopoly refers to a situation where a specific person or enterprise is the only supplier of a particular good or service, leading to the elimination of competition in the market.