Monopoly

:This article is about the state of a player in economics. For the Parker Brothers board game, see Monopoly (game).

Related Topics:
Economics - Parker Brothers - Monopoly (game)

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In economics, a monopoly (from the Greek monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a kind of product or service. Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.

Related Topics:
Economics - Greek - Market - Competition - Good - Substitute good

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Monopoly should be distinguished from monopsony, in which there is only one buyer of the product or service; it should also, strictly, be distinguished from the (similar) phenomenon of a cartel. In a monopoly a single firm is the sole provider of a product or service; in a cartel a centralized institution is set up to partially coordinate the actions of several independent providers (which is a form of oligopoly).

Related Topics:
Monopsony - Cartel - Oligopoly

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