Understanding Monopoly: Definition, Examples, and Effects

Monopolize means to have exclusive control over something, especially a market or industry. It can also refer to the act of dominating or controlling a situation or activity to the exclusion of others.

Example: The company has monopolized the market for high-end smartphones, leaving little room for competition.

Synonyms: dominate, control, command, own, exclusively.

Antonyms: share, divide, distribute, collaborate, compete.

In economics, a monopoly is a situation in which a single entity has complete control over the supply of a particular good or service, and there are no close substitutes for it. This allows the monopolist to set prices at will, without fear of competition from other suppliers. Monopolies can be found in various industries, such as technology, energy, and transportation.

However, monopolies can also have negative effects on consumers and the economy as a whole. For example, they can lead to higher prices, reduced innovation, and decreased choice for consumers. As a result, governments may step in to regulate or break up monopolies in order to promote competition and protect consumer interests.