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> Would you mind explaining how a company could hold monopoly power while not actually holding a monopoly?

Quite arguably, you can’t, but monopoly power (particularly, its expression as pricing power) can be observable (and itself proves an actual monopoly) when monopoly would not be clear by other means.

The ability to price without sales going to a competitor demonstrates the absence of actual competition, regardless of the superficial apparent competition in a described market.




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