A strict definition of a monopoly says there is only one seller, but in reality monopoly power is a spectrum. When someone calls a company a monopoly they are c

A strict definition of a monopoly says there is only one seller, but in reality monopoly power is a spectrum. When someone calls a company a monopoly they are claiming that they have the power to unilaterally set prices beyond what a competitive market would bear. http://www.businessdictionary.com/definition/monopoly-power.html http://www.businessdictionary.com/definition/monopoly-power....