Monopoly (noun)

1. A situation in which a single company or group owns all or nearly all of the market for a given type of product or service.
2. Complete control of a market by a single company or group.

Origin:

Late latin monopolium, from greek monopolion, from monos alone + polein to sell.

Examples:

1. The company has a monopoly on the supply of a certain raw material.
2. The government broke up the monopoly on the telephone industry.
3. The company's monopoly on the market allowed them to charge high prices.
4. The new company was able to challenge the monopoly of the established players.
5. Monopoly is generally considered harmful for consumers as it leads to lack of competition and higher prices.