2 : a person or group having complete control over something The laws are intended to prevent monopolies. Secondly, what is a monopoly for kids? Kids Definition of monopoly 1 : complete ownership or control of the entire supply of goods or a service in a certain market. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company. An unregulated monopoly has market power and can influence prices. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.Ī monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. Definition: A market structure characterized by a single seller, selling a unique product in the market.
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