monopoly
B2formal, academic, business
Definition
Meaning
Exclusive control or possession of the supply of or trade in a commodity or service.
A situation in which a single company or group owns all or nearly all of the market for a given type of product or service; exclusive possession or control of something.
Linguistics
Semantic Notes
Often implies unfairness or disadvantage to consumers. Extended meanings refer to dominance in non-economic contexts (e.g., a monopoly on truth, power).
Dialectal Variation
British vs American Usage
Differences
Spelling identical. Regulatory body in the UK is the Competition and Markets Authority (CMA); in the US, it is the Federal Trade Commission (FTC) and the Department of Justice Antitrust Division.
Connotations
Both share strong negative connotations in free-market contexts. In British historical context, can reference historical trading companies (e.g., the East India Company's monopoly).
Frequency
Similar high frequency in business and economic discourse in both varieties.
Vocabulary
Collocations
Grammar
Valency Patterns
have/hold a monopoly on/over [noun phrase]give/grant a monopoly to [person/organization]break up/dismantle a monopolyVocabulary
Synonyms
Strong
Neutral
Weak
Vocabulary
Antonyms
Phrases
Idioms & Phrases
- “have a monopoly on [e.g., wisdom, virtue] (figurative: claim exclusive possession of a quality)”
Usage
Context Usage
Business
Refers to market structures where one firm dominates, often triggering antitrust investigations.
Academic
Used in economics, political science, and history to describe market failure, colonial trade systems, or power concentration.
Everyday
Often used figuratively ('You don't have a monopoly on bad luck!') or to reference the board game 'Monopoly'.
Technical
In law and economics: a market structure with a single seller, high barriers to entry, and price-making power.
Examples
By Part of Speech
verb
British English
- The aim was to monopolise the telecommunications sector.
- They were accused of trying to monopolise the market.
American English
- The company sought to monopolize the software industry.
- Laws exist to prevent firms from monopolizing trade.
adjective
British English
- The monopolistic practices were investigated.
- He held a monopolistic position in the industry.
American English
- Monopolistic behavior can harm consumers.
- The market structure was clearly monopolistic.
Examples
By CEFR Level
- We played Monopoly last night.
- The big shop has a monopoly in our town.
- The company has a monopoly on mobile networks in the country.
- The government ended the state monopoly on postal services.
- The regulator acted to prevent the merger, fearing it would create a monopoly.
- For years, the firm enjoyed a virtual monopoly in the operating system market.
- The historical analysis revealed how the crown granted monopolies on certain goods to favoured merchants.
- His argument posits that no single ideology should hold a monopoly on truth.
Learning
Memory Aids
Mnemonic
Think of the board game: one player tries to get a MONOpoly (MONO = one, POLY = seller) on all properties.
Conceptual Metaphor
CONTROL IS OWNERSHIP / DOMINANCE IS A SINGLE ENTITY.
Watch out
Common Pitfalls
Translation Traps (for Russian speakers)
- Avoid translating directly to 'монополия' for figurative uses; consider 'исключительное право' or 'полный контроль'.
- The board game 'Monopoly' is also called 'Монополия' in Russian.
Common Mistakes
- Using 'monopoly' for a market with a few dominant firms (correct term: oligopoly).
- Mispronouncing as /ˈmɒnəpɒli/ (incorrect stress).
Practice
Quiz
In which of these situations is the term 'monopoly' used INCORRECTLY?
FAQ
Frequently Asked Questions
Yes, when referring specifically to the Hasbro board game, it is a proper noun and capitalised: 'Monopoly'. The lowercase 'monopoly' refers to the general economic concept.
A monopoly involves a single seller dominating a market. An oligopoly involves a small number of large sellers dominating a market, often leading to collusion or intense rivalry.
Rarely. It is typically negative in economic contexts, implying reduced choice and higher prices. Figuratively, it can be neutral ('a monopoly on common sense'), but often carries a tone of criticism for being exclusionary.
A natural monopoly arises when high infrastructure costs and other barriers make it most efficient for a single firm to supply the entire market (e.g., water utilities, railways).
Collections
Part of a collection
Economics Terms
B2 · 50 words · Key vocabulary for economics and financial systems.