Definition of Monopoly:
A board game in which players engage in simulated property and financial dealings using imitation money. It was invented in the US and the name was coined by Charles Darrow c.1935.
Market situation where one producer (or a group of producers acting in concert) controls supply of a good or service, and where the entry of new producers is prevented or highly restricted. Monopolist firms (in their attempt to maximize profits) keep the price high and restrict the output, and show little or no responsiveness to the needs of their customers. Most governments therefore try to control monopolies by (1) imposing price controls, (2) taking over their ownership (called nationalization), or (3) by breaking them up into two or more competing firms. Sometimes governments facilitate the creation of monopolies for reasons of national security, to realize economies of scale for competing internationally, or where two or more producers would be wasteful or pointless (as in the case of utilities). Although monopolies exist in varying degrees (due to copyrights, patents, access to materials, exclusive technologies, or unfair trade practices) almost no firm has a complete monopoly in the era of globalization.
The exclusive possession or control of the supply of or trade in a commodity or service.
Synonyms of Monopoly
A corner on, Arrest, Arrestation, Bear raid, Bull raid, Cartel, Check, Consortium, Constraint, Control, Cooling, Cooling down, Cooling off, Copyright, Corner, Corner in, Cornering, Curb, Curtailment, Deceleration, Engrossment, Exclusive possession, Forestallment, Hindrance, Inhibition, Injunction, Interdict, Legal restraint, Manipulation, Monopolization, Ownership, Pool, Possessorship, Prohibition, Proprietorship, Protection, Protectionism, Protective tariff, Raid, Rationing, Rein, Restraint, Restraint of trade, Retardation, Retrenchment, Rigging, Self-control, Slowing down, Syndicate, Tariff wall, Thought control, Trust, Wash sale, Washing
How to use Monopoly in a sentence?
- He has spent thousands of pounds on the collection which includes a Batman and Robin version of Monopoly, a Monopoly fruit machine and a specially-made wooden board worth £700.
- His likely motive was to protect his regional monopoly on furs.
- The company had achieved such total dominance in its area of the market that it had effectively become a monopoly , making it impossible for competitors to succeed.
- Since there are five corporations that currently control everything in America, and they are constantly buying each other, soon we will end up with a monopoly , where only one corporation will have control over everything that is produced.
Meaning of Monopoly & Monopoly Definition