Britannica Concise 2005

monopoly Exclusive possession of a market by a supplier of a prod¬ uct or service for which there is no substitute. In the absence of compe¬ tition, the supplier usually restricts output and increases price in order to maximize profits. The concept of pure monopoly is useful for theoretical discussion but is rarely encountered in actuality. In situations where hav¬ ing more than one supplier is inefficient (e.g., for electricity, gas, or water), economists refer to “natural monopoly” (see public utility). For monopoly to exist there must be a barrier to the entry of competing firms. In the case

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monoprint ► Monroe I 1285

of natural monopolies, the government creates that barrier. Either local government provides the service itself, or it awards a franchise to a pri¬ vate company and regulates it. In some cases the barrier is attributable to an effective patent. In other cases the barrier that eliminates competing firms is technological. Large-scale, integrated operations that increase efficiency and reduce production costs confer a benefit on firms that adopt them and may confer a benefit on consumers if the lower costs lead to lower product prices. In many cases the barrier is a result of anticompet¬ itive behaviour on the part of the firm. Most free-enterprise economies have adopted laws to protect consumers from the abuse of monopoly power. The U.S. antitrust laws are the oldest examples of this type of monopoly-control legislation; public-utility law is an outgrowth of the English common law as it pertains to natural monopolies. Antitrust law prohibits mergers and acquisitions that lessen competition. The question asked is whether consumers will benefit from increased efficiency or be penalized with a lower output and a higher price. See also oligopoly.

monoprint See monotype

monopsony \m3-'nap-s9-ne\ In economic theory, market situation in which there is only one buyer. An example of pure monopsony is a firm that is the only buyer of labour in an isolated town; such a firm would be able to pay lower wages to its employees than it would if other firms were present. Though cases of pure monopsony are rare, monopsonistic ele¬ ments are found wherever there are many sellers and few purchasers.

monorail Electric railway that runs on a single rail either above or under the railway cars. The first systems were introduced in the early 20th cen¬ tury; the earliest probably opened in 1901 in Wuppertal, Germany. Short- run monorails have since been built in such cities as Tokyo and Seattle. Because of higher costs and slower speeds than conventional rail systems, the monorail has not gained wide support. High-speed monorail vehicles that use magnetic levitation have been undergoing research for many years.

monosaccharide \ l ma-n3- , sa-k3- l nd\ Any of the simple sugars that serve as building blocks for carbohydrates. They are classified based on their backbone of carbon (C) atoms: Trioses have three carbon atoms, tetroses four, pentoses five, hexoses six, and heptoses seven. The carbon atoms are bonded to hydrogen atoms (—H), hydroxyl groups (—OH; see functional group), and carbonyl groups (—C=0), whose combinations, order, and configurations allow a large number of stereoisomers (see iso¬ mer) to exist. Pentoses include xylose, found in woody materials; arabi- nose, found in gums from conifers; ribose, a component of RNA and several vitamins; and deoxyribose, a component of DNA. Important hex¬ oses include glucose, galactose, and fructose. Monosaccharides combine with each other and other groups to form a variety of disaccharides, polysaccharides, and other carbohydrates.

monosodium glutamate (MSG) White crystalline substance, a sodium salt of the amino acid glutamic acid. MSG is used to intensify the natural flavour of meats and vegetables. It elicits a unique taste, called in Japan umami, different from the four basic tastes. Originally derived from seaweed and first used in Japan in 1908, it has become a common ingre¬ dient in Chinese and Japanese cooking. MSG in large amounts may have physical effects, including an allergic reaction commonly called “Chinese restaurant syndrome.”

monotheism Vma-no-.the-.i-zonA Belief in the existence of one god. It is distinguished from polytheism. The earliest known instance of mono¬ theism dates to the reign of Akhenaton of Egypt in the 14th century bc. Monotheism is characteristic of Judaism, Christianity, and Islam, all of which view God as the creator of the world, who oversees and intervenes in human events, and as a beneficent and holy being, the source of the highest good. The monotheism that characterizes Judaism began in ancient Israel with the adoption of Yahweh as the single object of wor¬ ship and the rejection of the gods of other tribes and nations without, ini¬ tially, denying their existence. Islam is clear in confessing one, eternal, unbegotten, unequaled God, while Christianity holds that a single God is reflected in the three persons of the Holy Trinity.