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English definition of “absolute monopoly”

absolute monopoly

noun [C or U]    
a situation where only one company , country , etc. produces and sells a particular product : have an absolute monopoly on sth In order to have an absolute monopoly on the use of an idea , you need to take out a patent . The Post Office once had an absolute monopoly in the provision of telephone lines .
(Definition of absolute monopoly noun from the Cambridge Business English Dictionary © Cambridge University Press)
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