monopoly Definition
- 1the exclusive possession or control of the supply of or trade in a commodity or service
- 2a company or group having exclusive control over a commodity or service
Using monopoly: Examples
Take a moment to familiarize yourself with how "monopoly" can be used in various situations through the following examples!
Example
The company has a monopoly on the production of this medicine.
Example
The government is trying to prevent the formation of monopolies.
Example
The telecommunications industry is dominated by a few large monopolies.
monopoly Synonyms and Antonyms
Synonyms for monopoly
Antonyms for monopoly
- competition
- open market
Phrases with monopoly
Example
We played Monopoly all night with fake money.
the ability of a company or group to control the supply of or trade in a commodity or service
Example
The government is investigating the company for its monopoly power in the market.
a board game in which players buy and develop properties, charging rent when other players land on them
Example
We had a lot of fun playing Monopoly with our friends.
Origins of monopoly
from Greek 'monos' meaning 'alone' and 'polein' meaning 'to sell'
Summary: monopoly in Brief
The term 'monopoly' [məˈnɒpəli] refers to the exclusive possession or control of a commodity or service by a company or group. It can be used to describe a situation where there is no competition, exemplified by 'The company has a monopoly on the production of this medicine.' 'Monopoly' extends into phrases like 'monopoly money,' and 'monopoly power,' denoting the ability to control the supply of a commodity or service.