From The Art and Popular Culture Encyclopedia
- A situation in which solely one company exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it.
- An exclusive control over the trade or manufacture of a commodity
- A company dominating a market in one of the the above manners.
In economics, a monopoly (from Greek monos , alone or single + polein , to sell) exists when a specific individual or enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it.