monopoly
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monopoly
A market situation in which there is only one single provider for a particular product or service. This provider can largely control the price and the quantity supplied.
Früher hatte die Post das Monopol auf die Briefzustellung.
In the past, the postal service had the monopoly on mail delivery.
The most common construction with 'Monopol' (monopoly) uses the preposition 'auf' followed by the accusative. You 'hat ein Monopol auf etwas' (have a monopoly on something).
Lange Zeit hatte der Staat das Monopol auf das Postwesen.
For a long time, the state had the monopoly on the postal system.
You can recognize the meaning of the word from context. If it is about markets, companies, or products, the economic meaning is intended. If it is about abstract things like truth, power, or knowledge, the figurative meaning is intended.
Das Unternehmen hat quasi ein Monopol auf die Herstellung dieser Chips. (wirtschaftlich)
The company has practically a monopoly on the production of these chips. (economic)
In an economic context, a monopoly is often 'errichtet' (established), 'gehalten' (held), or 'zerschlagen' (broken up). These verbs describe the creation, existence, and end of a monopoly position.
Die Regierung versucht, die Bildung von Monopolen zu verhindern.
The government is trying to prevent the formation of monopolies.
In the figurative meaning, 'Monopol' (monopoly) is often used for abstract concepts. A very well-known combination is the 'Gewaltmonopol des Staates' (the state's monopoly on the use of force), which means that only the state may legitimately use force.
In einer Demokratie darf keine Partei ein Monopol auf die Macht haben.
In a democracy, no party may have a monopoly on power.
competition / contest
'Wettbewerb' and 'Monopol' are opposites, especially in economics. With 'Wettbewerb' (competition), there are several providers competing for customers. This can influence prices, quality, and new ideas. With a 'Monopol' (monopoly), there is only one provider for a product or service. This provider has a lot of control over price and supply. In short: 'Wettbewerb' means several providers, while 'Monopol' means only one provider.
In der kleinen Stadt hat die Firma fast ein Monopol auf schnelles Internet.
In the small town, the company has almost a monopoly on fast internet.
Durch den Wettbewerb im Mobilfunkmarkt werden die Verträge günstiger.
Competition in the mobile phone market is making contracts cheaper.