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A single laundromat in a small town isn't a monopoly because the business isn't "laundromats" it is washing clothes. They are in competition with washing machin
by WillPostForFood 4y ago
A single laundromat in a small town isn't a monopoly because the business isn't "laundromats" it is washing clothes. They are in competition with washing machines, and, if need be, sinks.
- Retric 4y agoBy that argument the electric company isn’t a monopoly it’s in competition to people buying generators. In the end monopolies aren’t defined so abstractly because no business has absolutely exclusive control. Instead monopolies are defined by having monopoly power in the marketplace.