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monopoly n

pl: -lies
1 : exclusive control of a particular market that is marked by the power to control prices and exclude competition and that esp. is developed willfully rather than as the result of superior products or skill see also antitrust Sherman Antitrust Act in the Important Laws section
2 : one that has a monopoly

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.