monopoly JUST WRITTEN FOR YOU
/məˈnɒpəˌli/ · mon·o·pol·y
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. The government's decision to grant a monopoly on the production of a certain medication led to a significant increase in its price.
noun
- An exclusive control over the trade or production of a commodity or service through exclusive possession. A land monopoly renders its holder(s) nearly almighty in an agricultural society.
noun
- The privilege granting the exclusive right to exert such control. Granting monopolies in concession constitutes a market-conform alternative to taxation for the state, while the crown sometimes bestowed a monopoly as an outrageous gift.
Did you know? The concept of a monopoly has been a subject of interest in economics and politics for centuries, with the first recorded instance of a monopoly being granted by the Roman Empire in the 1st century AD.