MONOPOLY

n. exclusive control of a commodity or service in a particular market; total access or privilege to the exclusion of competitors

A monopoly (from Greek monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a product or service, in other words a firm that has no competitors in its industry. Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.
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Noun
1. a board game in which players try to gain a monopoly on real estate as pieces advance around the board according to the throw of a die
(hypernym) board game
(classification) trademark

Noun
1. (economics) a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price you like"
(hypernym) market, marketplace
(hyponym) corner
(derivation) monopolize, monopolise
(classification) economics, economic science, political economy
2. exclusive control or possession of something; "They have no monopoly on intelligence"
(hypernym) dominance, ascendance, ascendence, ascendancy, ascendency, control
(derivation) monopolize, monopolise

(n.)
The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product.
  

(n.)
The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France.
  

(n.)
Exclusive possession; as, a monopoly of land.
  

Absolute control of all sales and distribution in a market by one firm, due to some barrier to entry of other firms, allowing the firm to sell at a higher price than the socially optimal price.