What is the other meaning of monopoly?

1 : exclusive ownership through legal privilege, command of supply, or concerted action. 2 : exclusive possession or control no country has a monopoly on morality or truth— Helen M. Lynd. 3 : a commodity controlled by one party had a monopoly on flint from their quarries— Barbara A. Leitch.

What is the meaning of bilateral monopoly?

Definition of bilateral monopoly : a market condition in which only one buyer or one group of associated buyers confronts only one seller or one group of associated sellers.

What is a monopoly easy definition?

Monopoly is a situation where there is a single seller in the market. In conventional economic analysis, the monopoly case is taken as the polar opposite of perfect competition.

What is the difference between monopoly and bilateral monopoly?

Key Takeaways. Both a monopoly and a monopsony refer to a single entity influencing and distorting a free market. In a monopoly, a single seller controls or dominates the supply of goods and services. In a monopsony, a single buyer controls or dominates the demand for goods and services.

What is the best synonym for monopoly?

synonyms for monopolies

  • cartel.
  • holding.
  • ownership.
  • patent.
  • trust.
  • corner.
  • proprietorship.
  • syndicate.

What is a monopoly antonym?

Antonyms. inactivity derestrict powerlessness unrestraint intemperance indiscipline unskillfulness. dominance control ascendence ascendancy ascendency.

What is a discriminating monopoly?

A discriminating monopoly is a market-dominating company that charges different prices—typically, with little relation to the cost to provide the product or service—to different consumers.

What is monopsony example?

The classic example of a monopsony is a company coal town, where the coal company acts the sole employer and therefore the sole purchaser of labor in the town.

What is an example of monopoly?

A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.