legal monopoly

legal monopoly definition - business

legal monopoly

A person, firm, or organization that has a government-approved right to offer a service or product within a particular geographical area. For example, a patent gives the holder the exclusive right to distribute a particular product. Likewise, an electric utility generally holds a legal monopoly within a specified territory.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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