Monopoly Definition: Exclusive Market Control & Examples

Meaning 1：exclusive market control (monopoly)

monopoly 🔊

/məˈnɑːpəli/

when only one company or group controls the supply of a product or service, so there is no competition.

Monopoly board game with single company logos replacing properties

exclusive market control 🔊

➕

/ɪkˈskluːsɪv ˈmɑːrkɪt kənˈtroʊl/

A situation where a single entity or group has exclusive control over the supply of a product or service, effectively eliminating competition and allowing price manipulation.

📁 Category：Social Economy 🔖 Level：advanced

📘 Details & Usage

📖 Root Explanation

From Greek 'monos' (alone) + 'polein' (to sell), meaning exclusive control to sell.

💡 Mnemonic

Mono = one, poly = sell; one seller rules the market.

📖 Example

In the board game, if you monopoly all the properties on one side, you can charge very high rent. 🔊 In the board game, if you monopolize all the properties on one side, you can charge very high rent.

🔗 Collocations

monopoly power – The ability of a monopolist to control prices and exclude competitors.

monopoly position – The dominant status of being the sole provider in a market.

break up a monopoly – To dismantle a single-entity control over an industry, often through antitrust action.

🔄 Synonyms

oligopoly (n.) – A market structure where a few firms dominate, allowing limited competition.

cartel (n.) – A group of independent producers that collude to fix prices and control output.

trust (n.) – A large business combination that controls a market, often through monopolistic practices.

🚫 Antonyms

competition (n.) – Rivalry among sellers, leading to better prices and choices for consumers.

free market (n.) – An economic system with minimal government intervention, allowing multiple suppliers.

perfect competition (n.) – A theoretical market with many small firms, identical products, and no barriers to entry.

🌱 Derivatives

monopolize (v.) – To acquire or maintain exclusive control over a market or resource.

monopolistic (adj.) – Relating to or characterized by monopoly.

monopolization (n.) – The process of becoming a monopoly.

📖 Cultural Story

The term originated in ancient Greek economics, referring to sole trading rights. It gained modern fame through the board game Monopoly, created by Parker Brothers in 1935 to illustrate land monopolies.