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In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge overly high prices, which is associated with unfair price raises. [2] Although monopolies may be big businesses, size is not a characteristic of a monopoly.
Lizzie Magie's 1904 board design, The Landlord's Game, was a predecessor of Monopoly. The history of Monopoly can be traced back to 1903, [1] [7] when American anti-monopolist Lizzie Magie created a game called The Landlord's Game that she hoped would explain the single-tax theory of Henry George as laid out in his book Progress and Poverty.
U.S. patent 2,026,082 – Patent awarded to C.B. Darrow for Monopoly on December 31, 1935; The History of The Landlord's Game and Monopoly. History of Monopoly at World of Monopoly; Online photo album of many historical U.S. Monopoly sets, from Charles Darrow's sets through the 1950s from the Fernandez Collection Sundown Farm and Ranch
Articles related to monopoly, the situation when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. [1]
A publisher has a factual monopoly over certain titles via intellectual property rights. A book is an experience good and finding perfect legal substitutes on the market while the publisher's rights are in effect is impossible. This however doesn't lead to high monopoly profits on any particular titles while close substitutes are available.
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought.
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth.
[1] [2] A monopoly occurs when a firm lacks any viable competition and is the sole producer of the industry's product. [1] [2] Because a monopoly faces no competition, it has absolute market power and can set a price above the firm's marginal cost. [1] [2] The monopoly ensures a monopoly price exists when it establishes the quantity of the ...