Monopoly

noun

/məˈnɒpəli/

A market structure in which a single seller or entity is the sole provider of a good or service in a given market, with no close substitutes — giving the entity significant power to influence price, output, and market conditions without effective competitive constraint. Indian competition law does not prohibit monopoly per se but prohibits the abuse of a dominant position.

✍️ Usage in a UPSC answer

A regulatory framework that tolerates the abuse of a dominant market position allows incumbent firms to entrench a near-monopoly, stifling innovation and transferring consumer surplus to a privileged few — which is precisely why a robust competition law and an empowered Competition Commission are indispensable safeguards of an inclusive market economy.

Synonyms

monopolisationmarket dominanceexclusive controlcorner (on a market)oligopoly (loosely)cartel

Antonyms

competitionfree marketperfect competitionmonopsony

🌱 Word Family

monopoly (n), monopolise (v), monopolist (n), monopolistic (adj), monopolisation (n), oligopoly (n)

🔡 Root

Greek monopōlion; monos = alone, single + pōlein = to sell; via Latin monopōlium

📜 Etymology

From Latin monopōlium, from Greek monopōlion, from monos ("alone, single") + pōlein ("to sell") — literally "the right of exclusive sale."

🧠 Memory Hook

Mono- ("one") + -poly (Greek pōlein, "to sell") = "one seller" — one player sells it all, so nobody else gets a turn (as in the board game where you bankrupt every rival).

💰 Indian Economy 📖 Seen in: Competition Policy & Consumer Protecti...

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