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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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