MONOPOLY
Monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity . Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. The verb "monopolize" refers to the process by which a company gains the ability to raise prices or exclude competitors. In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge high prices.The above text is a snippet from Wikipedia: Monopoly
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monopoly
Noun
- A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it.
- An exclusive control over the trade or production of a commodity or service through exclusive possession.
- The privilege granting the exclusive right to exert such control.
- The market thus controlled.
- The holder (person, company or other) of such market domination in one of the the above manners.
The above text is a snippet from Wiktionary: monopoly
and as such is available under the Creative Commons Attribution/Share-Alike License.