"A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it."
That was wiktionary.org, but it's not too different from other dictionary's definition, I bet, and that's because it's what most English-speaking people mean when they say "monopoly". That doesn't mean it's the right way to think about it, of course, but it's not uncommon, and the meaning of an English language word is defined by how the typical native speaker uses it.
That was wiktionary.org, but it's not too different from other dictionary's definition, I bet, and that's because it's what most English-speaking people mean when they say "monopoly". That doesn't mean it's the right way to think about it, of course, but it's not uncommon, and the meaning of an English language word is defined by how the typical native speaker uses it.