Homonym: monopoly (Control)
A monopoly occurs when a single company or entity controls the entire market for a particular product or service. This means that there are no close competitors, allowing the monopolist to set prices and dictate terms without worrying about rival businesses. For example, if a company like Company A is the only provider of Product X, consumers have no choice but to buy from them, even if prices are high.
Monopolies can be harmful to consumers because they limit choices and can lead to higher prices. Governments often regulate or break up monopolies to promote competition and protect consumers. For instance, the breakup of Company B in the 1980s aimed to encourage a healthier market for Service Y.