> But the consumer has one choice, constrained by geography Even if their choice wasn't so constrained, the choice between shopping at the Walmart next door, o

> But the consumer has one choice, constrained by geography Even if their choice wasn't so constrained, the choice between shopping at the Walmart next door, or the Walmart down the road, is not very helpful. It would have been laughable if the Northern Securities trust [1] had argued they were not a monopoly because consumers could choose between multiple railways (all owned by Northern Securities). In fact, it would have been an argument in favor that they are a monopoly. [1] https://en.wikipedia.org/wiki/Northern_Securities_Co._v._United_States https://en.wikipedia.org/wiki/Northern_Securities_Co._v._Uni...