Definition

A situation where one company or group has complete control over a product or service, preventing competition.

Example

The company has a monopoly on the production of electric cars in the region.

Conversation

Did you hear about that new game that creates a monopoly on the market?

Yeah, it's crazy how one company can control so much!

I wonder if that's good for consumers or just makes things worse with a monopoly.

It could lead to higher prices, but some argue it encourages innovation.

Synonyms & Antonyms

Root Explanation

Monopoly → It is formed from "mono-" (meaning single or one) and "polein" (meaning to sell). The word describes the situation where a single entity has control over the selling of a product or service.

Memory Tip

Think of 'mono-' meaning 'one' and 'polein' meaning 'to sell' — a monopoly is when one seller controls the market.

Visually Confused Words