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Interestingly, there are huge number of monopolies like that on the consumer side too. Let's say you're a big fan of Marvel - then, you have to pay Marvel price
by badpun 4y ago
Interestingly, there are huge number of monopolies like that on the consumer side too. Let's say you're a big fan of Marvel - then, you have to pay Marvel prices for tickets and merch, as they have a monopoly on Marvel universe IP. Same for Magic:the Gathering - for millions of fans of the game, there is no substitute, so they begrudgingly pay whatever Hasbro commands them.
- daydream 4y agoThose cases don’t fit the standard definition of a monopoly. A monopoly is “a situation where there is a single seller in the market” (OECD). In both those cases many alternatives exist using a reasonable market definition. Just because a company has pricing power doesn’t mean it’s a monopoly.