Definition

Noun: A person or entity that has exclusive control over the supply of a particular commodity or service, or who supports or advocates for such a system of exclusive control. A monopolist dominates a market, often leading to a lack of competition.

Examples

• The railroad monopolist charged exorbitant fees because there were no other transportation options.
• Critics accused the company of behaving like a monopolist by buying all its competitors.
• In the 19th century, John D. Rockefeller was considered a monopolist in the oil industry.

Advanced Usage

• "To act as a monopolist": To engage in business practices typical of a monopoly, such as setting high prices or restricting supply.
  • The firm was fined for attempting to act as a monopolist in the digital marketplace.
• In economic theory, a monopolist is a price maker, not a price taker, meaning they can influence the market price of their good.

Variants and Related Words

• Monopoly (n): The exclusive possession or control of the supply of or trade in a commodity or service.
  • The government broke up the telecommunications monopoly.
• Monopolistic (adj): Having the character of a monopoly; relating to or advocating monopoly.
  • The industry is characterized by monopolistic competition.
• Monopolize (v): To obtain exclusive possession or control of a market, commodity, or conversation.
  • One company sought to monopolize the entire software market.

Synonyms

• Market dominator
• Trust (in historical economic context)
• Cartel member (Note: A cartel is a group of entities acting together as a monopolist)

Related Phrases

• Natural monopolist: A monopolist that arises in an industry where high infrastructure costs and other barriers give the largest supplier a significant advantage, often in utilities like water or electricity.
  • The local power company is a regulated natural monopolist.

Noun

1. someone who monopolizes the means of producing or selling something