Million said:
"Strictly, monopolies exist when there is a single supplier in a market. Adam Smith, in the Wealth of Nations, provided a sustained attack on monopolies but thought of them more as multi-firmed industries with statutory protection along the lines of the medieval guilds." Hmm actualy if there is only one supplier of a good in demand then it's not really relevant if the good is a luxury or a neccasity , because the item can only be obtained from one person that individual has full discression in how much they are able to charge for it... to an extent. Even if a item is a neccasity there's only so much that can be charged for any item but I will agree that monoplies have more discression with neccasery items. |
So and if the competition just doesn't make it?
Example: Gameboy Era against Gamegear. There was market-share retained in gamegear, but it was stopped!