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)
“So immense are the claims on a mother, physical claims on her bodily and brain vigor, and moral claims on her heart and thoughts, that she cannot ... meet them all and find any large margin beyond for other cares and work. She serves the community in the very best and highest way it is possible to do, by giving birth to healthy children, whose physical strength has not been defrauded, and to whose moral and mental nature she can give the whole of her thoughts.”
—Frances Power Cobbe (1822–1904)