Monopolistic: meaning, definitions and examples
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monopolistic
[məˌnɑː.pəˈlɪs.tɪk ]
Definition
economic competition
Monopolistic refers to a market structure where a single seller or producer controls the entire supply of a product or service. This dominance allows the seller to set prices and output levels without facing competition. In a monopolistic market, barriers to entry are usually high, preventing other businesses from entering the market. As a result, consumers may have limited choices, and prices can be higher compared to competitive markets. Monopolistic practices can lead to inefficiencies and are often subject to regulation.
Synonyms
dominant, exclusive, solitary.
Examples of usage
- The monopolistic control of the company affected consumer prices.
- In a monopolistic market, innovation may stagnate.
- Regulators are concerned about monopolistic practices in the tech industry.
Interesting Facts
Etymology
- The term comes from the Greek 'monos', meaning 'alone', and 'polein', meaning 'to sell'.
- The word began being used in English around the late 19th century as markets evolved.
- Related terms like 'monopoly' describe the situation where one seller has exclusive control over a market.
Economics
- Monopolistic markets can lead to higher prices for consumers since competition is reduced.
- Economists suggest that monopolistic practices can stifle innovation, as companies face less pressure to improve their products.
- In a monopolistic market, the company can set prices without considering rivals' actions.
Law
- Many countries have antitrust laws designed to prevent monopolistic practices and encourage competition.
- Major legal cases, like the breakup of AT&T in the 1980s, were driven by monopolistic concerns in telecommunications.
- Companies like Google and Microsoft have faced scrutiny for potentially monopolistic behaviors in the tech industry.
History
- The Standard Oil Company, founded by John D. Rockefeller, became a historical example of monopolistic control in the oil industry during the late 1800s.
- The U.S. Supreme Court ultimately ruled against Standard Oil in 1911, citing monopolistic practices.
- The rise and fall of monopolistic companies have shaped economic policies and regulations throughout history.
Pop Culture
- Monopoly, the board game, is a fun representation of a monopolistic market where players aim to own everything.
- Films like 'The Social Network' illustrate how monopolistic behavior can lead to major conflicts and ethical dilemmas in the tech world.
- Characters in various video games often battle against monopolistic villains who control resources or services.
Translations
Translations of the word "monopolistic" in other languages:
🇵🇹 monopolista
🇮🇳 एकाधिकारवादी
🇩🇪 monopolistisch
🇮🇩 monopolistik
🇺🇦 монополістичний
🇵🇱 monopolistyczny
🇯🇵 独占的な
🇫🇷 monopolistique
🇪🇸 monopolístico
🇹🇷 tekelci
🇰🇷 독점적인
🇸🇦 احتكاري
🇨🇿 monopolistický
🇸🇰 monopolistický
🇨🇳 垄断的
🇸🇮 monopolističen
🇮🇸 einaokun
🇰🇿 монополистік
🇬🇪 მონოპოლისტური
🇦🇿 monopolist
🇲🇽 monopolístico