Monopolies are a well-defined theoretical concept, but in practice it's about market power. When one entity has overwhelming market power it's afforded with opt

Monopolies are a well-defined theoretical concept, but in practice it's about market power. When one entity has overwhelming market power it's afforded with options that harm consumer welfare. Anti-trust isn't about defeating theoretical monopolies. It's about protecting consumers, new businesses, the market from abuses through overwhelming market power. So your first possibility seems right on the money and appropriate.