A monopoly is a trading situation in which only one trader operates in a line of business. This is considered uncompetitive and bad economic practice, because it allows the single trader to set prices. In other forms of usage, a monopoly may refer to a tendency by a person to monopolize the situation, and be sole arbiter of events. A state monopoly is a trading situation in which the government owns the trading operations.
Examples of Monopoly:
The famous board game, Monopoly, is based on owning all properties or driving other players out of the game.|
The Soviet communist economy was based on state monopolies.