monopoly

Meaning

Noun

• A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it.
• An exclusive control over the trade or production of a commodity or service through exclusive possession.
• The privilege granting the exclusive right to exert such control.
• The market thus controlled.
• The holder (person, company or other) of such market domination in one of the above manners.

Origin

• From Latin monopōlium, from Ancient Greek μονοπώλιον, from μόνος + πωλέω.