Describes a situation where a business can dictate terms due to lack of competition. As a monopolist, the company set high prices for its products.
Pro Tip 2/3
Negative Connotation
Often viewed negatively as it may lead to unfair practices and higher prices for consumers. People were upset when the internet provider became a monopolist.
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Economic Context
Used mainly in economic discussions about market dynamics and competition. The economist accused the tech giant of being a monopolist.