This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. JSTOR ( January 2022) ( Learn how and when to remove this template message)Įnforcement authorities and organizationsĪ monopoly (from Greek μόνος, mónos, 'single, alone' and πωλεῖν, pōleîn, 'to sell'), as described by Irving Fisher, is a market with the 'absence of competition', creating a situation where a specific person or enterprise is the only supplier of a particular thing.Unsourced material may be challenged and removed. Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.