The definition of a monopoly is the exclusive possession or control of the supply or trade of a commodity or service by a single company or group. Basically, a monopoly is a company or group that owns all of one product.
A natural monopoly occurs when a single company is the most efficient way to supply a good or service. In this situation, one large supplier has a cost advantage over any potential competitors.
Hasbro game company has created many versions of the board game Monopoly since the first edition in 1935. The original version uses street names from Atlantic City, N.J. as spaces around the board. Popular or well-known cities and locations have been used to create the ...
The central goal of Monopoly is to accumulate as much wealth as possible, mostly by purchasing territory and charging rent. Players can opt to play until one reaches a predetermined amount of money, until one goes bankrupt or until all but one goes bankrupt.
The Monopoly man is named Rich Uncle Pennybags, or Milburn Pennybags, according to CNN Living. The names of the other characters in the game are Jake the Jailbird and Officer Edgar Mallory.
Two different kinds of monopolies are a pure monopoly and a monopolistic competition. When one company gains control over a specific niche in the market it is generally referred to as a "monopoly."
In the classic Monopoly version from the United States, the street names are named Mediterranean Avenue, Baltic Avenue, Oriental Avenue, Vermont Avenue, Connecticut Avenue, Saint Charles Place, States Avenue, Virginia Avenue, Saint James Place, Tennessee Avenue, New Yor...