Select the most appropriate 'one word' for the expression given below. Exclusive command or possession
Monopoly
Understanding Exclusive Command or Possession
The question asks for a single word that best represents the expression "Exclusive command or possession". This phrase describes a situation where one entity, person, or group has complete control or ownership over something, preventing others from having access or competition.
Analyzing the Options
Let's examine each given option to determine which one fits the definition of "exclusive command or possession".
- Sanctum: A sanctum is a sacred place, a retreat, or a private place where one is not to be disturbed. While it implies exclusivity in terms of access, it refers to a place, not necessarily command or possession in an economic or control sense.
- Monopoly: A monopoly is a situation where a single company or group owns all or nearly all of the market for a given type of product or service. This grants the single entity exclusive command over the supply and exclusive possession of the market share, allowing them to control prices and output without competition. This definition strongly aligns with "exclusive command or possession".
- Hypergamy: Hypergamy is the act of marrying a person of a superior sociological or economic status. This term relates to marriage and social status, not exclusive command or possession of a resource or market.
- Parvenu: A parvenu is a person who has suddenly risen to a higher economic or social class but has not yet gained social acceptance by those in that class. It describes a person's social ascent, not exclusive command or possession.
Identifying the Correct Word
Based on the definitions, the word that most accurately describes "Exclusive command or possession," particularly in contexts relating to control, ownership, or market dominance without competition, is 'Monopoly'.
Comparison of Options
| Word | Meaning | Fits "Exclusive command or possession"? |
|---|---|---|
| Sanctum | Sacred or private place | No (Refers to a place) |
| Monopoly | Exclusive control of a commodity or service in a particular market | Yes (Refers to exclusive command/possession) |
| Hypergamy | Marrying someone of higher status | No (Refers to marriage/status) |
| Parvenu | Newly wealthy but not accepted socially | No (Refers to a person's status) |
As demonstrated in the analysis and the table, 'Monopoly' is the term specifically used to describe a situation of exclusive command or possession, especially in economic contexts, fitting the expression perfectly.
Revision Table: Vocabulary Building
| Term | Simple Definition | Example Context |
|---|---|---|
| Sanctum | A private or holy place. | The library was her peaceful sanctum. |
| Monopoly | Complete control of a market by one entity. | The company held a monopoly on diamond production. |
| Hypergamy | Marrying someone of a higher social level. | The novel explored themes of hypergamy in 19th-century society. |
| Parvenu | A person who recently became rich/powerful but lacks social standing. | He was considered a parvenu by the old elite. |
Additional Information: Monopoly Concepts
The term 'monopoly' is fundamental in economics. Here are a few related concepts:
- Market Power: A monopolist has significant market power, meaning they can influence the price of their good or service.
- Barriers to Entry: Monopolies often exist because there are high barriers preventing other firms from entering the market. These barriers can be legal (patents, licenses), natural (high start-up costs), or structural (control of essential resources).
- Types of Monopolies: Include natural monopolies (where a single firm can serve the market at a lower cost than multiple firms, e.g., utilities), legal monopolies (government-granted), and technological monopolies (based on control of unique technology).
- Regulation: Governments often regulate monopolies to protect consumers from potential exploitation due to the lack of competition.
Understanding 'monopoly' helps grasp concepts of market structure and competition.
Important Questions from One Word Substitution
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