/manop(a)ly/ A privilege or peculiar advantage vested in one or more persons or companies, consisting in the exclusive right (or power) to carry on a particular business or trade, manufacture a particular article, or control the sale of the whole supply of a particular commodity.
A form of market structure in which one or only a few firms dominate the total sales of a product or service. "Monopoly", as prohibited by Section 2 of the Sherman Antitrust Act, has two elements: possession of monopoly power in relevant market and willful acquisition or maintenance of that power, as distinguished from growth or development as a consequence of a superior product, business acumen, or historic accident. U. S. v. Grinnell Corp., 384 U.S. 563, 86 S.Ct. 1698, 1704, 16 L.Ed.2d 778.
A monopoly condemned by the Sherman Act is the power to fix prices or exclude competition, coupled with policies designed to use or preserve that power. U. S. v. Otter Tail Power Co., D.C.Minn., 331 F.Supp. 54, 58.
It is "monopolization" in violation of Sherman Antitrust Act for persons to combine or conspire to acquire or maintain power to exclude competitors from any part of trade or commerce, provided they also have such power that they are able, as group, to exclude actual or potential competition and provided that they have intent and purpose to exercise that power. Davidson v. Kansas City Star Co., D.C.Mo., 202 F.Supp. 613, 617; Moore v. Jas. H. Matthews & Co., C.A.Or., 473 F.2d 328, 332.
See also market
- relevant market.
@ legal monopoly
Exclusive right granted by governmental unit to business to provide such services as electric and telephone service. The rates and services of such utilities are in turn regulated by the government.
@ natural monopoly
A natural monopoly is one resulting where one firm of efficient size can produce all or more than market can take at remunerative price. Ovitron Corp. v. General Motors Corp., D.C.N.Y., 295 F.Supp. 373, 377.
One which is created from circumstances over which the monopolist has no power. For example, a market for a particular product may be so limited that it is impossible to profitably produce such except by a single plant large enough to supply the whole demand. U. S. v. Aluminum Co. of America, C.C.A.N.Y., 148 F.2d 416, 430
@ monopoly power
The "monopoly power" which must exist in order to establish a violation of Sherman Antitrust Act may be defined as the power to fix prices, to exclude competitors, or to control the market in the relevant geographical area in question. ALW, Inc. v. United Air Lines, Inc., C.A.Nev., 510 F.2d 52, 56.
See also market
- monopoly
- relevant market

Black's law dictionary. . 1990.

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