Basic Details
Word: Monopoly
Part of Speech: Noun
Meaning: A situation where one person or company controls all of a product or service in a market.
Synonyms: Control, dominance, exclusivity
Antonyms: Competition, freedom, diversity
Idioms and Phrases
- Monopoly on power: Having complete control over power or influence. Example: "The monarchy had a monopoly on power in that country for centuries."
- Drop the monopoly: To end a situation where only one person or group is in control. Example: "The government decided to drop the monopoly on telecommunications, allowing other companies to compete."
Usage Examples
Example 1: The new legislation aimed to break the monopoly of a single company that dominated the internet service market.
Example 2: In the game, players strive to create a monopoly by acquiring all the properties on the board.
Example 3: Critics argue that a monopoly leads to higher prices and less innovation in the industry.
Fun Fact
Did you know that the word "monopoly" comes from the Greek word "monopolion," which means "to sell alone"? This highlights how a monopoly exists when one seller controls the entire market for a good or service.
Famous Quote
"Monopoly is the condition of a single seller of a product, which leads to the exploitation of the customer." - Unknown
Multiple Choice Questions (MCQs)
1. What does "monopoly" mean?
a) A form of competition
b) Complete control over a product or service
c) A type of game
d) A law
Answer: b) Complete control over a product or service
2. Which of these is a synonym of "monopoly"?
a) Control
b) Rivalry
c) Choice
d) Variety
Answer: a) Control
3. Which of these is an antonym of "monopoly"?
a) Exclusivity
b) Competition
c) Dominance
d) Command
Answer: b) Competition
4. Which sentence uses "monopoly" correctly?
a) The monopoly of the water company made it hard for others to enter the market.
b) During the picnic, we played monopoly for hours.
c) He likes to monopoly eat vegetables.
d) The artist painted a beautiful monopoly in the park.
Answer: a) The monopoly of the water company made it hard for others to enter the market.
5. What does the idiom "monopoly on power" mean?
a) Everyone has equal power
b) A situation where one group has all power
c) Sharing power equally
d) A game played with friends
Answer: b) A situation where one group has all power
