monopoly: Meaning and Definition of

mo•nop•o•ly

1. exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices. Cf.
2. an exclusive privilege to carry on a business, traffic, or service, granted by a government.
3. the exclusive possession or control of something.
4. something that is the subject of such control, as a commodity or service.
5. a company or group that has such control.
6. the market condition that exists when there is only one seller.
7. (cap.) a board game in which a player attempts to gain a monopoly of real estate by advancing around the board and purchasing property, acquiring capital by collecting rent from other players whose pieces land on that property.