Monopoly: Difference between revisions
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A [[wikipedia:Monopoly|monopoly]] represents a market structure where a single seller or entity dominates the entire market for a particular good or service. This economic arrangement is characterized by a lack of viable substitute goods and the absence of economic competition. This allows the monopolist to potentially charge prices significantly above marginal cost while maintaining substantial monopoly profit. | A [[wikipedia:Monopoly|monopoly]] represents a market structure where a single seller or entity dominates the entire market for a particular good or service. This economic arrangement is characterized by a lack of viable substitute goods and the absence of economic competition. This allows the monopolist to potentially charge prices significantly above marginal cost while maintaining substantial monopoly profit. | ||
In legal contexts, the concept of monopoly extends beyond pure single-firm markets to include various situations where market power is concentrated among very few actors, including duopolies, and oligopolies.<ref name=":0">{{Cite web |date=July 1, 2023 |title=monopoly |url=https://www.law.cornell.edu/wex/monopoly |archive-url=https:// | In legal contexts, the concept of monopoly extends beyond pure single-firm markets to include various situations where market power is concentrated among very few actors, including duopolies, and oligopolies.<ref name=":0">{{Cite web |date=July 1, 2023 |title=monopoly |url=https://www.law.cornell.edu/wex/monopoly |archive-url=http://web.archive.org/web/20250918071518/https://www.law.cornell.edu/wex/monopoly |archive-date=18 Sep 2025|website=www.law.cornell.edu }}</ref> | ||
==Characteristics of monopolies== | ==Characteristics of monopolies== | ||
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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= | 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> | ||
===AT&T=== | ===AT&T=== | ||