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What is the legal definition of a monopoly? As a followup, should that definition remain the legal definition of a monopoly? Do we need a modern appraisal of t
by throwawaymath 8y ago
What is the legal definition of a monopoly?
As a followup, should that definition remain the legal definition of a monopoly? Do we need a modern appraisal of that definition?
- y4mi 8y agoA monopoly is when there is no competition. There can be seller and buyer monopolies. While having a huge market share is a given in such a situation, it's nonetheless not the definition
- reallydude 8y agoCompetition is just a weasel word. Existence of multiple parties with overlapping interests is not competition. ie A participant in the market is ignored by the dominant player, who continues to dominate (regardless of any comparable metric), it's a functional monopoly. This is why companies often describe their product as "trust" more so than any specific feature set.
- tathougies 8y agoA buyer 'monopoly' is called a monopsony, not a monopoly.