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What is a monopoly?

What is a monopoly? Here are some definitions.

Noun
  1. A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively provides a particular product or service, dominating that market and generally exerting powerful control over it.
  2. An exclusive control over the trade or production of a commodity or service through exclusive possession.
  3. The privilege granting the exclusive right to exert such control.
  4. (metonymy) The market thus controlled.
  5. (metonymy) The holder (person, company or other) of such market domination in one of the the above manners.
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Examples
She has managed to destroy past impressions of her as an iron-fisted hater of consumers and worshipper of monopoly.
The electricity grid in a local neighborhood is a good example of a natural monopoly.
As a general rule, these companies were given a monopoly on trade in a region.
Its charter granted monopoly rights to trade in lands whose waters drained into Hudson Bay.
For a marketing manager, product differentiation becomes a key to gaining a degree of monopoly power in a market.
By the beginning of the '60s, television was loosening newspapers' monopoly on the news.

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