monopolist

/mə'nɔpəlist/

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Word: Monopolist

Part of Speech: Noun

Basic Definition: A monopolist is a person or company that has complete control over the production or sale of a particular product or service. This means they are the only one providing that product or service in the market, so they can set prices and control supply without competition.

Usage Instructions

• Use "monopolist" when talking about businesses or individuals that dominate a market.
• It's often used in discussions about economics, business, and competition.

Example Sentence:

• "The company became a monopolist in the smartphone market, making it difficult for other brands to compete."

Advanced Usage:

In economics, monopolists are often discussed in terms of their market power and the effects they have on prices and consumer choice. For instance: - "The monopolist's ability to set high prices leads to a decrease in consumer welfare."

Word Variants:

• Monopoly (noun): The situation where a monopolist exists.
  • Example: "The city had a monopoly on water supply."
• Monopolistic (adjective): Describing something related to monopolies or monopolists.
  • Example: "The monopolistic practices of the firm were investigated by regulators."

Different Meaning:

• In a broader context, "monopolist" can refer to any person or entity that dominates or controls a particular area or activity, not just in business.

Synonyms:

• Dominant player: A term used for a strong competitor in a market.
• Market leader: A company that has the largest market share.
• Sole provider: A term for someone who is the only source of a product or service.

Idioms and Phrasal Verbs:

• There are no specific idioms or phrasal verbs directly related to "monopolist." However, you may encounter phrases like "corner the market," which means to dominate a particular area of business.

Summary:

A monopolist is someone who has full control over a product or service, leading to a lack of competition.

Academic

Noun

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

Synonyms

• monopolizer
• monopoliser