This is why I said "in a truly free market" in my explanation. Telecom is far from a truly free market. No matter how much capital you have, you cannot enter th

This is why I said "in a truly free market" in my explanation. Telecom is far from a truly free market. No matter how much capital you have, you cannot enter the market as a new provider, without regulators approving a huge variety of things, not just wavelength and radio stuff but also the right to exist at all as a provider of such telecom services. This introduces all manner of possibilities for corruption, lobbying, etc. that lead to monopolies. IMO the main cause of monopolistic behavior is government regulation rather than natural tendencies of the free market (but that's up for debate and my position is unpopular).