C1noun formal 3K

Monopoly

UK /["/məˈnɒpəli/"]/ US /["/məˈnɑːpəli/"]/ Pronunciation

Definition

the complete control of trade in particular goods or the supply of a particular service; a type of goods or a service that is controlled in this way

Listen to definition

In simple words: Complete control over a business or market.

Examples

• The company held a monopoly over the local telecommunications market.
• Monopoly in the pharmaceutical industry can lead to higher drug prices.
• The board game Monopoly is a popular way to pass the time on family nights.
• She won the Monopoly game by owning all the railroads and charging rent.
• Governments often intervene to break up monopolies to promote competition.
• The concept of a monopoly involves exclusive control over a product or service.

Usage notes

Used in economic discussions or legal contexts to describe when one company has no competition. Not commonly used in everyday conversation.

Grammar pattern

have + monopoly

Memory hint

Think of 'mono' meaning one—imagine one giant company owning everything.

Collocations

• public
• state
• state-controlled

Synonyms

• dominance
• control
• command
• hegemony
• power

Antonyms

• competition
• diversity

Common mistakes

• Confused with 'oligopoly', which means few companies controlling a market.
• Used mistakenly as a verb; 'monopolize' is the correct verb form.
• Misunderstanding the concept and using it in casual contexts.