Monopoly

Definition

Monopoly refers to the exclusive possession or control of the supply of or trade in a commodity or service.

Parts of Speech

• Noun

Pronunciation

American English

• IPA Pronunciation: /məˈnɑpəli/
• Respelling: muh-NAH-puh-lee (with "muh" as in "sofa," "NAH" as in "not," "puh" as in "puddle," and "lee" as in "see")

British English

• IPA Pronunciation: /məˈnɒpəli/
• Respelling: muh-NOP-uh-lee (with "muh" as in "sofa," "NOP" as in "not," "puh" as in "puddle," and "lee" as in "see")

In both dialects, "monopoly" places the primary stress on the second syllable. The pronunciation is quite similar across both American and British English, with a slight difference in the vowel sound of the second syllable: "muh-NAH-puh-lee" in American English and "muh-NOP-uh-lee" in British English.

Etymology

The term "monopoly" is derived from the Late Latin "monopolium", which originates from the Greek words "monos" (alone or single) and "polein" (to sell).

Derivatives

• Monopolist
• Monopolistic
• Monopolization
• Monopolize
• Monopolylogist

Synonyms

• Cartel
• Trust
• Syndicate

Antonyms

• Competition
• Open market
• Diversification

Usage

"Monopoly" is commonly used in economic contexts to describe a situation where a single entity dominates the market, preventing any competitors from having a significant market share.

• The company held a monopoly over the software market for years.
• Critics argue that such monopolies can stifle innovation.
• Regulatory bodies often intervene when they perceive a risk of monopoly formation.

Related Terms

• Oligopoly
• Antitrust
• Market dominance
• Competitive advantage
• Vertical integration

Detailed Definition

Noun

• Exclusive Control: The exclusive possession or control of the supply or trade in a commodity or service by a single entity, often to the detriment of competition and consumers.‍
• Example: Many people criticized the company for its blatant monopoly over the smartphone market.

• Board Game: A board game in which players engage in simulated property and financial dealings using play money. The goal is to drive competitors into bankruptcy.‍
• Example: We played Monopoly all night and I ended up with hotels on all the prime properties.