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.

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monopoly

Noun

  1. 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.
  2. An exclusive control over the trade or production of a commodity or service through exclusive possession.
  3. The privilege granting the exclusive right to exert such control.
  4. The market thus controlled.
  5. 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.

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