Monopoly: Difference between revisions
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===Economic implication=== | ===Economic implication=== | ||
The economic effects of monopolies present a complex mix of potential drawbacks and benefits that economists have debated for decades. Understanding these implications requires examining both static efficiency considerations and dynamic innovation factors:[2]<ref>{{Cite web |last=Emerson |first=Patrick |date= |title=Intermediate Microeconomics |url=https://open.oregonstate.education/intermediatemicroeconomics/chapter/module-15/ |website=oregonstate.education}}</ref> | The economic effects of monopolies present a complex mix of potential drawbacks and benefits that economists have debated for decades. Understanding these implications requires examining both static efficiency considerations and dynamic innovation factors:[2]<ref>{{Cite web |last=Emerson |first=Patrick |date= |title=Intermediate Microeconomics |url=https://open.oregonstate.education/intermediatemicroeconomics/chapter/module-15/ |website=oregonstate.education |archive-url=http://web.archive.org/web/20251110012119/https://open.oregonstate.education/intermediatemicroeconomics/chapter/module-15/ |archive-date=10 Nov 2025}}</ref> | ||
*'''Higher prices and reduced output''' | *'''Higher prices and reduced output''' | ||
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===Standard Oil=== | ===Standard Oil=== | ||
Founded by John D. Rockefeller in 1870, one of the most famous historical monopolies. Standard Oil achieved control over approximately 90% of oil refining in the United States by the early 1880s. It's dominance led to the passage of the Sherman Antitrust Act in 1890, and ultimately to its breakup into 34 separate companies in 1911 following a Supreme Court ruling. The Standard Oil case established important precedents for antitrust enforcement and demonstrated how monopolies could emerge through both efficiency advantages and anti-competitive practices.<ref>{{Cite web |title=The Founding of U.S. Steel and the Power of Public Opinion |url=https://www.library.hbs.edu/us-steel/exhibition/the-founding-of-u.s.-steel-and-the-power-of-public-opinion |archive-date=8 Oct 2025|archive-url=http://web.archive.org/web/20251008182743/https://www.library.hbs.edu/us-steel/exhibition/the-founding-of-u.s.-steel-and-the-power-of-public-opinion |website=www.library.hbs.edu }}</ref> <ref>{{Cite web |last= |first= |date= |title=Broken Trust |url=https://archivesfoundation.org/newsletter/broken-trust/ |website=National Archives Foundation}}</ref> | Founded by John D. Rockefeller in 1870, one of the most famous historical monopolies. Standard Oil achieved control over approximately 90% of oil refining in the United States by the early 1880s. It's dominance led to the passage of the Sherman Antitrust Act in 1890, and ultimately to its breakup into 34 separate companies in 1911 following a Supreme Court ruling. The Standard Oil case established important precedents for antitrust enforcement and demonstrated how monopolies could emerge through both efficiency advantages and anti-competitive practices.<ref>{{Cite web |title=The Founding of U.S. Steel and the Power of Public Opinion |url=https://www.library.hbs.edu/us-steel/exhibition/the-founding-of-u.s.-steel-and-the-power-of-public-opinion |archive-date=8 Oct 2025|archive-url=http://web.archive.org/web/20251008182743/https://www.library.hbs.edu/us-steel/exhibition/the-founding-of-u.s.-steel-and-the-power-of-public-opinion |website=www.library.hbs.edu }}</ref> <ref>{{Cite web |last= |first= |date= |title=Broken Trust |url=https://archivesfoundation.org/newsletter/broken-trust/ |website=National Archives Foundation |archive-url=http://web.archive.org/web/20251227134043/https://archivesfoundation.org/newsletter/broken-trust/ |archive-date=27 Dec 2025}}</ref> | ||
===AT&T=== | ===AT&T=== | ||
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<ref name=":01">{{Cite web |title=What is 'Monopoly' |url=https://economictimes.indiatimes.com/definition/monopoly |website=Economic Times of India }}</ref> | <ref name=":01">{{Cite web |title=What is 'Monopoly' |url=https://economictimes.indiatimes.com/definition/monopoly |website=Economic Times of India |archive-url=http://web.archive.org/web/20260114151610/https://economictimes.indiatimes.com/definition/monopoly |archive-date=14 Jan 2026}}</ref> | ||
<ref name=":02">{{Cite web |last= |first= |date=July 8, 2024 |title=Monopoly Market – Types, Characteristic and Impact |url=https://herovired.com/learning-hub/blogs/monopoly-market |website= }}</ref> | <ref name=":02">{{Cite web |last= |first= |date=July 8, 2024 |title=Monopoly Market – Types, Characteristic and Impact |url=https://herovired.com/learning-hub/blogs/monopoly-market |website= }}</ref> | ||
<ref name=":03">{{Cite web |date= |title=Understanding Monopoly Definitions and Barriers to Entry |url=https://www.studypug.com/micro-econ-help/monopoly-definitions |website=Study Pug }}</ref> | <ref name=":03">{{Cite web |date= |title=Understanding Monopoly Definitions and Barriers to Entry |url=https://www.studypug.com/micro-econ-help/monopoly-definitions |website=Study Pug |archive-url=http://web.archive.org/web/20250430203112/https://www.studypug.com/micro-econ-help/monopoly-definitions/ |archive-date=30 Apr 2025}}</ref> | ||
<ref name=":04">{{Cite web |date= |title=Legal Monopoly |url=https://corporatefinanceinstitute.com/resources/economics/legal-monopoly/ |website=Corporate Finance Institute }}</ref> | <ref name=":04">{{Cite web |date= |title=Legal Monopoly |url=https://corporatefinanceinstitute.com/resources/economics/legal-monopoly/ |website=Corporate Finance Institute |archive-url=http://web.archive.org/web/20251015211354/https://corporatefinanceinstitute.com/resources/economics/legal-monopoly/ |archive-date=15 Oct 2025}}</ref> | ||
<ref name=":05">{{Cite web |last=Nasrudin |first=Ahmad |date=January 22, 2025 |title=Monopoly: Meaning, Examples, Characteristics, Causes, Advantages, Disadvantages |url=https://penpoin.com/monopoly/ |website=penpoin.com}}</ref> | <ref name=":05">{{Cite web |last=Nasrudin |first=Ahmad |date=January 22, 2025 |title=Monopoly: Meaning, Examples, Characteristics, Causes, Advantages, Disadvantages |url=https://penpoin.com/monopoly/ |website=penpoin.com |archive-url=http://web.archive.org/web/20250428180414/https://penpoin.com/monopoly/ |archive-date=28 Apr 2025}}</ref> | ||
<ref name=":06">{{Cite web |last=Emerson |first=Patrick |date= |title=Intermediate Microeconomics |url=https://open.oregonstate.education/intermediatemicroeconomics/chapter/module-15/ |website=oregonstate.education}}</ref> | <ref name=":06">{{Cite web |last=Emerson |first=Patrick |date= |title=Intermediate Microeconomics |url=https://open.oregonstate.education/intermediatemicroeconomics/chapter/module-15/ |website=oregonstate.education |archive-url=http://web.archive.org/web/20251110012119/https://open.oregonstate.education/intermediatemicroeconomics/chapter/module-15/ |archive-date=10 Nov 2025}}</ref> | ||
<ref name=":07">{{Cite web |date=July 2023 |title=Monopoly |url=https://www.law.cornell.edu/wex/monopoly |website=law.cornell.edu}}</ref> | <ref name=":07">{{Cite web |date=July 2023 |title=Monopoly |url=https://www.law.cornell.edu/wex/monopoly |website=law.cornell.edu |archive-url=http://web.archive.org/web/20250918071518/https://www.law.cornell.edu/wex/monopoly |archive-date=18 Sep 2025}}</ref> | ||
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