A situation, by legal privilege or other agreement, in which solely one party (company, cartel. As the one seller, he may be a king without a crown. (Economics) exclusive control of the market supply of a product or service 2. Wiktionary(0.00 / 0 votes)Rate this definition: monopolynoun.
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Bober rightly remarks, “The privilege of being the only seller of a product does not by itself make one a monopolist in the sense of possessing the power to set the price. These various brands of toothpaste compete with each other in the market and the producer of any one of them cannot be said to have a monopoly. Monopoly implies absence of all competition.įor instance, there is one firm in India which produces ‘Binaca’ toothpaste but this firm cannot be called monopolist since there are many other firms which produce close substitutes of Binaca toothpaste such as Colgate, Promise, Forhans, Meclean etc. Mono, meaning one, and poly, sounding like 'pully'. In the presence of this competition a firm cannot be said to have monopoly. If there are some other firms which are producing close substitutes for the product in question there will be competition between them. The popular board game, developed in its final version by Charles Darrow (1889-1967) and marketed by Parker Brothers, is from 1935, the year it was a craze.
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A second condition which is essential for a firm to be called monopolistic is that no close substitutes for the product of that monopolistic firm should be available in the market. Meaning 'possession of anything to the exclusion of others' is by 1640s sense of 'a company or corporation which enjoys a monopoly' is by 1871. But to say that monopoly means one seller or producer is not enough.