A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it.
An exclusive control over the trade or production of a commodity or service through exclusive possession. Example: A land monopoly renders its holder(s) nearly almighty in an agricultural society.
The privilege granting the exclusive right to exert such control. Example: Granting monopolies in concession constitutes a market-conform alternative to taxation for the state, while the crown sometimes bestowed a monopoly as an outrageous gift.
(metonymy) The market thus controlled.
(metonymy) The holder (person, company or other) of such market domination in one of the above manners.
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