A situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition, which often results in high prices and inferior products.
According to a strict academic definition, a monopoly is a market containing a single firm. In such instances where a single firm holds monopoly power, the company will typically be forced to divest its assets. Antimonopoly regulation protects free markets from being dominated by a single entity.
Read more: Monopoly Definition | Investopedia http://www.investopedia.com/terms/m/monopoly.asp#ixzz3n0TA5APW
Follow us: Investopedia on Facebook