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In United States antitrust law, monopolization is illegal monopoly behavior. The main categories of prohibited behavior include exclusive dealing, price discrimination, refusing to supply an essential facility, product tying and predatory pricing. Monopolization is a federal crime under Section 2 of the Sherman Antitrust Act of 1890.
The United States Postal Service is an example of a coercive monopoly created through laws that ban potential competitors such as UPS or FedEx from offering competing services (in this case, first-class and standard (formerly called "third-class") mail delivery). [14] Government monopolies also mandate taxpayers to subsidize these firms.
In other words, it is used to describe a situation where businesses thrive not as a result of free enterprise, but rather collusion between a business class and the political class. [4] [5] Wealth is then accumulated not merely by making a profit in the market, but through profiteering by rent seeking using this monopoly or oligopoly.
For example, in some cases, utilities (such as those providing electricity or water) may operate as natural monopolies due to high infrastructure and distribution costs. Technology monopoly: This type of monopoly occurs when one company has exclusive control over a particular technology or innovation, thus enabling them to dominate the market.
The US government and 17 states are suing Amazon in a landmark monopoly case reflecting years of allegations that the e-commerce giant abused its economic dominance and harmed fair competition.
Google was handed what may be its biggest court defeat in company history this summer when a federal judge deemed its flagship search engine an illegal monopoly, siding with state and federal ...
In court papers, Justice Department lawyers say Google “is more concerned with acquiring and preserving its trifecta of monopolies than serving its own publisher and advertiser customers or ...
The term rent, in the narrow sense of economic rent, was coined by the British 19th-century economist David Ricardo, [4] but rent-seeking only became the subject of durable interest among economists and political scientists more than a century later after the publication of two influential papers on the topic by Gordon Tullock in 1967, [5] and ...