C1nounbusiness
US/məˈnɑː.pəl.i/
UK/məˈnɒp.əl.i/
complete control of a market or service by one company, so others cannot compete
In context
For years the state company had a monopoly on electricity supply.
Regulators accused the tech giant of trying to build a monopoly in online search.
Without competition, monopolies can raise prices as much as they like.
Words that go with monopoly
noun + preposition
- monopoly onNo single airline should have a monopoly on domestic routes.
adjective + noun
- virtual monopolyThe app has a virtual monopoly in food delivery in some cities.
- near monopolyThe company has a near monopoly on phone chips.
noun + noun
- state monopolyThe tobacco trade is still a state monopoly in several countries.
verb + noun
- break up a monopolyThe court ordered the government to break up a monopoly in telecoms.
Common mistakes
Incorrect:
This company monopoly the market.Correct: This company has a monopoly on the market. / This company monopolizes the market.