Monopoly power is an example of market failure which occurs when one or more of the participants has the ability to influence the price or other outcomes in some general or specialized market. The most commonly discussed form of market power is that of a monopoly, but other forms such as monopsony, and more moderate versions of these two extremes, exist.
A well known example of monopolistic market power is Microsoft's market share in PC operating systems. The United States v. Microsoft case dealt with an allegation that Microsoft illegally exercised its market power by bundling its web browser with its operating system. In this respect, the notion of dominance and dominant position in EU Antitrust Law is a strictly related aspect.
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Famous quotes containing the words monopoly and/or power:
“I’m plotting revolution against this lie that the majority has a monopoly of the truth. What are these truths that always bring the majority rallying round? Truths so elderly they are practically senile. And when a truth is as old as that, gentlemen, you can hardly tell it from a lie.”
—Henrik Ibsen (1828–1906)
“An actor must communicate his author’s given message—comedy, tragedy, serio- comedy; then comes his unique moment, as he is confronted by the looked-for, yet at times unexpected, reaction of the audience. This split second is his; he is in command of his medium; the effect vanishes into thin air; but that moment has a power all its own and, like power in any form, is stimulating and alluring.”
—Eleanor Robson Belmont (1878–1979)