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Dictionary Meaning and Definition on 'Monopoly'

Monopoly Meaning and Definition from WordNet (r) 2.0
    monopoly n
  1. (economics) a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price you like"
  2. exclusive control or possession of something; "They have no monopoly on intelligence"
  3. a board game in which players try to gain a monopoly on real estate as pieces advance around the board according to the throw of a die
Monopoly Meaning and Definition from Webster's Revised Unabridged Dictionary (1913)
    Monopoly \Mo*nop"o*ly\, n.; pl. Monopolies. [L. monopolium, Gr. ?, ?; mo`nos alone + ? to sell.]
  1. The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product. Raleigh held a monopoly of cards, Essex a monopoly of sweet wines. --Macaulay.
  2. Exclusive possession; as, a monopoly of land. If I had a monopoly out, they would have part on 't. --Shak.
  3. The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France. [Colloq.]
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Wikipedia Meaning and Definition on 'Monopoly'

In economics, a monopoly (from Greek monos / μονος (alone or single) + polein / πωλειν (to sell)) exists when a specific individual or an enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it. (This is in contrast to a monopsony which relates to a single entity's control over a market to purchase a good or service, and contrasted with oligopoly where a few entities exert considerable influence over an industry) The verb "monopolise" refers to the process by which a firm gains persistently greater market share than what is expected under perfect competition.

A monopoly must be distinguished from monopsony, in which there is only one buyer of a product or service ; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations where one or a few of the entities have market power and therefore must interact with their customers (monopoly), suppliers (monopsony) and the other firms (oligopoly) in a game theoretic manner - meaning that expectations about their behavior affects other players' choice of strategy and vice versa. This is to be contrasted with the model of perfect competition where firms are price takers and do not have market power. Monopolists typically produce fewer goods and sell them at a higher price than under perfect competition, resulting in abnormal and sustained profit. (See also Bertrand, Cournot or Stackelberg equilibria, market power, market share, market concentration, Monopoly profit, industrial economics).

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