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Monopoly Definition

When it comes to monopoly definition, you need to look for an accurate and complete explanation to keep you on the right track. A monopoly is a market that has a single firm taking full control of a sector. In fact, some monopolies are forced to sell assets in order to satisfy the laws of an anti-monopoly country. These laws exist to protect all consumers as well as prevent companies from evil practices, such as overpricing goods and services. Learn more info provided by our economics HW help services best writers.

Short History of Monopoly

Monopolies are considered as an extreme case of the capitalism. So there are laws put in place to regulate it and in order to maintain the free market system, which is sometimes being abused. Having a large market share, the monopoly companies are using power to make an unfair market. Acquisitions and mergers are highly researched and regulated. That is why there are government organizations and laws that make sure that companies practice non-monopoly.

monopoly definition

General Information about Monopoly

Monopoly is a market situation where a group or one producer controls the supply of a service or good. In addition, monopoly is a condition wherein a new producer’s entry is being highly restricted and sometimes prevented. Monopolist firms restrict the output and keep the price high. They show no responsiveness to the customer’s needs.

With that said, the governments try to control monopolies by:

  • Taking over ownership
  • Imposing price controls
  • Breaking firms into two or more firms

The fact is that governments control the monopolies for national security and much more. Even though monopolies exist in different degrees because of patents, exclusive technologies, access to materials, unfair trade practice or copyrights, there are no firms that have the complete monopoly in the globalization era. It is also the same with business monopoly wherein the government makes sure to impose these companies to implement the right price for services or goods.

business monopoly definition

Monopolize Means: the Definition

Aside from business monopoly, you also need to know what monopolize means. It means to take control on someone or something completely. For instance, she is always monopolizing the conversation. Another example is that the agency has monopolized the market for internet operating systems.

Monopoly Industry Example

The most common and extensive monopoly markets are operating with anti-competitive subsidization, tariff protection, and exclusive licensure. These include TV rights and public utilities. Until 20th century, the market for trucking, air travel, postal delivery and oil operated with the privileged monopoly. There you have the monopoly industry example. If you need more samples of monopolies, you can ask the help of the experts that know how to create custom samples for your better understanding of what these companies are.

monopoly graph

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