monopoly
n. C / Un. complete control of a market or service by one person or company. When this happens, there is no competition, so the owner can set any price they want.
n. exclusive possession or control of the supply of or trade in a commodity or service. Often used in legal and economic contexts to describe a market structure where a single producer suppresses competition.
The government broke up the company to prevent a monopoly.
Because the firm held a monopoly on local internet services, residents had no choice but to pay high monthly fees.
Economists argue that a natural monopoly may emerge in industries with high infrastructure costs, where it is more efficient for one firm to serve the entire market than for several to compete.
See monopoly.
Often takes the preposition 'on' or 'of' when describing control over a specific sector.