Definition of monopoly

• n. - The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product.
• n. - Exclusive possession; as, a monopoly of land.
• n. - The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France.