What does monopoly mean?
A monopoly is the exclusive control of a market, product, service, or other resource by one person or organization. In economic usage, the term usually describes a market in which one seller dominates supply and competitors face substantial barriers, although not every monopoly is illegal. In everyday language, “monopoly” can also mean exclusive possession of an opportunity, skill, or advantage, as in having a monopoly on a particular kind of work. The word often carries negative connotations when applied to business, suggesting suppressed competition, high prices, or unfair control, but it can be neutral or even favorable when it describes a unique area of expertise. Historically, the term referred to the exclusive right to sell a particular commodity, a meaning that developed from the concept of a sole seller.
Exclusive control of a market, commodity, service, or other resource by one person, company, or group; also, exclusive possession of something valuable.
"The firm gained a monopoly on the distribution of the product."
The economic sense is most common in formal and legal contexts; the broader sense of exclusive possession is common in general usage.
To obtain or exercise exclusive control over a market, product, service, or activity.
"The company attempted to monopolize the market for wireless devices."
The verb is less common than the noun and usually implies taking or attempting to take exclusive control.
The plural is formed by changing the final y to ies.
"The company has used aggressive tactics to create monopolies in several markets."
The word began with the idea of a sole seller: the Greek roots mean “one seller,” a surprisingly direct ancestor of the modern monopoly.
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.
Where does monopoly come from?
The word entered English through Latin monopolium, meaning a sole seller or exclusive trading right, and ultimately derives from Greek monopoleion, a term associated with the sale of goods by one seller. In its early sense, it referred to an exclusive privilege granted to one person or organization. Over time, the meaning broadened from exclusive selling to any form of exclusive control, especially in a market.
Related word forms
How monopoly is actually used
In economics and business, “monopoly” usually describes a market structure in which one seller controls supply and competition is substantially restricted. In general use, it can more neutrally mean exclusive possession of an activity, opportunity, or advantage, without necessarily implying unlawful market power.
Easily confused with monopoly
A monopoly is a position or condition of exclusive control, while monopolize is the verb meaning to obtain or exercise exclusive control over something.