The phrase signifies a scenario the place a single entity dominates a selected market or space, providing the only real accessible service or product. It implies an absence of competitors, giving the dominant entity important management. As an illustration, if a specific restore store is the one one offering a specialised service inside an outlined geographic boundary, it successfully turns into the only real supplier.
This dominance carries implications for pricing, service high quality, and buyer alternative. The absence of other choices might result in larger prices, doubtlessly lowered incentives for innovation, and restricted skill for patrons to hunt higher offers or tailor-made options. Traditionally, such monopolies or near-monopolies have been topic to regulatory scrutiny as a consequence of these potential drawbacks, aiming to foster a extra aggressive and consumer-friendly surroundings.
