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Concept in economics
A natural monopoly is a monopoly in an industry in which high infrastructure costs and other barriers to entry give a market's largest supplier an overwhelming
Natural_monopoly
Market structure with a single firm dominating the market
most monopolies are man-made monopolies, or unnatural monopolies, not natural ones. A government-granted monopoly (also called a "de jure monopoly") is
Monopoly
Government control of an industry or economic sector
In economics, a government monopoly or public monopoly is a form of coercive monopoly in which a government agency or government corporation is the sole
State_monopoly
Type of monopoly
maintain a coercive monopoly. Some[who?] recommend that government create coercive monopolies. For example, claims of natural monopoly are often used as
Coercive_monopoly
Economic term by Warren Buffett
time delays, or extra effort. Efficient scale: Companies that have a natural monopoly—or operate in markets or industries where there are few rivals—benefit
Economic_moat
State-sanctioned monopoly by a private company
economics, a government-granted monopoly (also called a "de jure monopoly" or "regulated monopoly") is a form of coercive monopoly by which a government grants
Government-granted_monopoly
Monopoly with legal enforcement
A legal monopoly, statutory monopoly, or de jure monopoly is a monopoly that is protected by law from competition. A statutory monopoly may take the form
Legal_monopoly
Entity which operates public service infrastructure
the transportation of electricity, or natural gas pipelines, have natural monopoly characteristics. A monopoly can occur when it finds the best way to
Public_utility
Physical components of roads etc
of the component itself.[citation needed] The systems tend to be natural monopolies, insofar that economies of scale means that multiple agencies providing
Hard_infrastructure
Ownership of industry, assets, or businesses by a public body
profit; as a commercial enterprise in competitive sectors; or as a natural monopoly. Governments may also use the profitable entities they own to support
State_ownership
1982 case in U.S. antitrust law
the 1984 Bell System divestiture, and the breakup of the old AT&T natural monopoly into seven regional Bell operating companies and a much smaller new
United_States_v._AT&T_(1982)
Law maintaining market competition
sometimes also known by reference to its functions, for example, as "anti-monopoly law". The aims of competition law are to combat economic cartels, prevent
Competition_law
When a company owns its supply chain
method of avoiding the hold-up problem. A monopoly produced through vertical integration is called a vertical monopoly: vertical in a supply chain measures
Vertical_integration
Economics term
Monopoly profit is an inflated level of profit due to the monopolistic practices of an enterprise. Traditional economics state that in a competitive market
Monopoly_profit
View of social media
more resources than necessary." In a monopoly competition is said to be short-lived, and in a natural monopoly it is said to produce inefficient results
Social media as a public utility
Social_media_as_a_public_utility
Philosophical and political rights
Some philosophers distinguish two types of rights, natural rights and legal rights. Natural rights are those that are not dependent on the laws or customs
Natural rights and legal rights
Natural_rights_and_legal_rights
Term for extreme liberal politics
economy Natural monopoly Open society Permissive society Popular sovereignty Property Private Public Rights Civil and political Minority Natural and legal
Ultraliberalism
Market structure with one buyer
that of a monopolist, which can influence the price for its buyers in a monopoly, where multiple buyers have only one seller of a good or service available
Monopsony
Total cost divided by number of goods produced
the industry tends naturally to become a monopoly, and hence is called a natural monopoly. Natural monopolies tend to exist in industries with high capital
Average_cost
American telecommunications company
a natural monopoly, with each of its subsidiaries giving it an unrivaled position in telecommunications. Federal oversight sustained AT&T's monopoly through
AT&T
Telecommunications history
considered a monopoly itself. For many years, AT&T had been permitted to retain its monopoly status under the assumption that it was a natural monopoly. The first
History_of_AT&T
Behavior of individuals and firms
monopolies are bad, especially in industries where multiple firms would entail more costs than benefits (i.e., natural monopolies). Natural monopoly:
Microeconomics
Core legal concept and definition of a state
In political philosophy, a monopoly on violence or monopoly on the legal use of force is the property of a polity that is the only entity in its jurisdiction
Monopoly_on_violence
Industry that provides the production and delivery of electric energy
economies. By the middle of the 20th century, electricity was seen as a "natural monopoly", only efficient if a restricted number of organizations participated
Electric_power_industry
Condition in which firms can freely enter a market
there is not a natural monopoly caused by unlimited economies of scale, free entry prevents any existing firm from maintaining a monopoly, which would restrict
Free_entry
Problem of setting prices by a public monopoly
applied by Marcel Boiteux (1956). to natural monopolies (industries with decreasing average cost). A natural monopoly earns negative profits if it sets prices
Ramsey_problem
Anti-competitive business strategy
concentration Monopoly and oligopoly Coercive Government-granted monopoly Market domination Natural monopoly State and Legal monopoly Market power Market
Embrace, extend, and extinguish
Embrace,_extend,_and_extinguish
Economic scenario
continue to be the single supplier within the market. A natural monopoly is a type of monopoly that exists due to the high start-up costs or powerful economies
Competition_(economics)
Efficiencies formed by variety of products or services offered
economies of scale are a sufficient condition for the verification of a natural monopoly, in the multi-output case, they are not sufficient. Economies of scope
Economies_of_scope
Operator of most of Spain's railway infrastructure
in 2005 in response to European Union requirements to separate the natural monopoly of infrastructure management from the competitive operations of running
Administrador de Infraestructuras Ferroviarias
Administrador_de_Infraestructuras_Ferroviarias
Mutually beneficial collusion among competing corporations
one-sided perspective than the one saying that such rate-cartels are "monopoly cartels" or cartels for the "exploitation of carriers". — Lorenz von Stein
Cartel
market share. Natural monopoly "What Are the Most Famous Monopolies?". Investopedia. Retrieved 2015-09-29. "Are There Any Legal Monopolies in America or
De_facto_monopoly
Measure of the relative size of firms
(HHI) ranges from 1/N (in case of perfect competition) to 1 (in case of monopoly), where N is the number of firms in the market. Equivalently, if percents
Herfindahl–Hirschman_index
of goods or services due to high switching costs, provider being a natural monopoly, or some other circumstances that preclude substitution. This leads
Captive_customer
Russian government attorney and bureaucrat (born 1942)
Federation Council Committee on Defense and Security and Commission on Natural Monopolies. State Counselor of Justice 2 classes. Born in Checheno-Ingush Autonomous
Issa_Kostoyev
Economic theory
barriers to entry and exit, the more prone a market tends to be a natural monopoly. The reverse is also true. The lower the barriers, the more likely
Barriers_to_entry
Economic philosophy centered on common ownership of land
caused by land ownership, natural monopolies, pollution rights, and control of the commons, including title of ownership for natural resources and other contrived
Georgism
Price increases perceived as excessive
competition laws. It is sometimes used to refer to practices of a coercive monopoly that prices above the market rate by deliberately curtailing production
Price_gouging
Economic system free from interventionism
economy – Economic system with both capitalist and socialist elements Monopoly – Market structure with a single firm dominating the market Neoliberalism –
Laissez-faire
Market dominated by a small number of sellers
interdependence because no firm is large enough to affect market prices. In a monopoly, there are no competitors to be concerned about. In a monopolistically-competitive
Oligopoly
Inefficiently allocated markets
one supplier. Australia is an example that meets this description. A natural monopoly is a firm whose per-unit cost decreases as it increases output; in
Market_failure
Economics term
competition Inequality of bargaining power Market concentration Monopoly Monopsony Natural monopoly Predatory pricing Price discrimination Refusal to deal Landes
Market_power
Transferring something from the public sphere to the private
this service is unprofitable. Natural monopolies: privatization will not result in true competition if a natural monopoly exists. Concentration of wealth:
Privatization
Russian government organization
of natural monopoly regulation. Among the departments of the FAS Central authority there are: Department for Control over Construction and Natural Resources
Federal_Antimonopoly_Service
Type of government agency
service. As meteorological services usually have tendency of becoming a natural monopoly, almost all of national meteorological services were launched by state-led
National meteorological service
National_meteorological_service
General term for rules, including delegated legislation and self-regulation
agencies create regulations Environmental law – Branch of law concerning the natural environment Occupational safety and health – Field concerned with the safety
Regulation
Concept in economics
production or the sufficient capacity for sharing. The most common causes are monopoly pricing structures, such as those enabled by laws that restrict competition
Artificial_scarcity
Energy transporter
gas main lines and associated connection points, a TSO is usually a natural monopoly, and as such is often subjected to regulations. In electrical power
Transmission_system_operator
Provision of energy utilities by market mechanisms
reductions in price by privatisation. As the supply of electricity is a natural monopoly, this entails complex and costly systems of regulation to enforce a
Energy_liberalisation
German philosopher (1724–1804)
reasoning to the formation and evolution of the Solar System in his Universal Natural History and Theory of the Heavens. In 1755, Kant received a license to
Immanuel_Kant
Form of government regulation on professions or vocations for compensation
to limit supply and create monopoly rents within the licensed occupation (rent-seeking). The threat of losing these monopoly rents could, in principle
Occupational_licensing
Political and economic ideology
growth, and resolves market failures. They also tend to oppose cartels, monopolies, financialization of the economy, rent-seeking behaviour and unproductive
Economic_liberalism
Differentiation of firms by goods and operations
Natural monopoly, a monopoly in which economies of scale cause efficiency to increase continuously with the size of the firm. A firm is a natural monopoly
Market_structure
Term in contract law where a person agrees not to compete
concentration Monopoly and oligopoly Coercive Government-granted monopoly Market domination Natural monopoly State and Legal monopoly Market power Market
Non-compete_clause
1904 board game and precursor to Monopoly
educate users about Georgism, it is the inspiration for the 1935 board game Monopoly. In 1902 to 1903, Magie designed the game and playtested it in Arden, Delaware
The_Landlord's_Game
Form of market regulation
a form of incentive regulation capping the prices that firms in a natural monopoly position may charge their customers. Designed in the 1980s by UK Treasury
Price-cap_regulation
Scottish economist and philosopher (1723–1790)
the collusive nature of business interests, which may form cabals or monopolies, fixing the highest price "which can be squeezed out of the buyers." Smith
Adam_Smith
Anticompetitive agreement to control prices
a monopoly anyway. Antitrust Bid rigging Collusion George Howard Earle Jr. FBI Fixed price Gold fixing Herfindahl index London Gold Pool Monopoly Oligopoly
Price_fixing
Commerce phenomenon
concentration Monopoly and oligopoly Coercive Government-granted monopoly Market domination Natural monopoly State and Legal monopoly Market power Market
Cornering_the_market
English-born philosopher and author (1737–1809)
monopoly and further developed his ideas in the Rights of Man about how land ownership separated the majority of people from their rightful, natural inheritance
Thomas_Paine
Liberal political group of the European Parliament
economy Natural monopoly Open society Permissive society Popular sovereignty Property Private Public Rights Civil and political Minority Natural and legal
Renew_Europe
American oil company (1870–1911)
parts like Standard Oil was AT&T, which after decades as a regulated natural monopoly, was forced to divest itself of the Bell System in 1984. Standard Oil's
Standard_Oil
American political economist (1839–1897)
land rent uplift, Pigouvian taxation, and public ownership of other natural monopolies. George was a journalist for many years, and the popularity of his
Henry_George
Setting prices artificially low to discourage competition
share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter will be able to unilaterally dictate price
Dumping_(pricing_policy)
Service provided to all members of a community
They may be provided by local or national monopolies, especially in sectors that are natural monopolies. They may involve outputs that are hard to attribute
Public_service
Type of oligopoly
which had previously focussed on the extremes of perfect competition and monopoly. In the Cournot duopoly model, firms choose the quantity of output they
Duopoly
International relations policy holding that states should advance liberal interests
economy Natural monopoly Open society Permissive society Popular sovereignty Property Private Public Rights Civil and political Minority Natural and legal
Liberal_internationalism
American board game designer (1866–1948)
feminist, and Georgist. She invented The Landlord's Game, the precursor to Monopoly, to illustrate teachings of the progressive era economist Henry George
Lizzie_Magie
English philosopher and physician (1632–1704)
empiricism. Locke is often credited for describing private property as a natural right, arguing that when a person—metaphorically—mixes their labour with
John_Locke
French jurist, historian, and political philosopher (1689–1755)
the renal glands, on weight of bodies, on transparency of bodies and on natural history, collected with introductions and critical apparatus in volumes
Montesquieu
Third party access policies require owners of natural monopoly infrastructure facilities to grant access to those facilities to parties other than their
Third-party_access
Concept promoting private roads
more highways in parallel isn't practicable, thus making highways a natural monopoly. Kroeger claims, "This would result in an incredibly inefficient use
Free-market_roads
Measure of firm's market power
elastic demand). According to the Lerner coefficient, small stores have more monopoly power because they charge higher margins on the same product. But at the
Lerner_index
Switching costs inhibiting a change of vendor
create barriers to market entry may result in antitrust action against a monopoly. Monopolistic Whether a single vendor controls the market for the method
Vendor_lock-in
Deliberately undercutting prices to eliminate competition
or service to loss-making levels to attract all consumers and create a monopoly. For a period of time, the prices are set unrealistically low to ensure
Predatory_pricing
following is a list of game boards of the Parker Brothers/Hasbro board game Monopoly adhering to a particular theme or particular locale in the United States
List of licensed and localized editions of Monopoly: USA
List_of_licensed_and_localized_editions_of_Monopoly:_USA
System in which parties engage in transactions according to supply and demand
formal definition of a natural monopoly where "an industry in which multifirm production is more costly than production by a monopoly". Baumol defined a contestable
Market_(economics)
Form of government
economy Natural monopoly Open society Permissive society Popular sovereignty Property Private Public Rights Civil and political Minority Natural and legal
Constitutional_liberalism
Form of non-compete clause used in the live music industry
concentration Monopoly and oligopoly Coercive Government-granted monopoly Market domination Natural monopoly State and Legal monopoly Market power Market
Radius_clause
British politician and minister (1929–1993)
Yard"), and oversaw the privatisation of the water industry despite its natural monopoly. He was also responsible for introducing the "poll tax" (formally known
Nicholas Ridley, Baron Ridley of Liddesdale
Nicholas_Ridley,_Baron_Ridley_of_Liddesdale
Kazakhstan and the activities of civil and experimental aviation; natural monopolies in the field of air navigation and airport services; socially significant
Ministry of Transport (Kazakhstan)
Ministry_of_Transport_(Kazakhstan)
constitute a de facto monopoly (or "natural monopoly") for the services they provide within a particular jurisdiction. Since a monopoly exists when a specific
Tuition_freeze
Growing one's existing wealth without creating new wealth
Successful capture of regulatory agencies (if any) to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages
Rent-seeking
Marshalls Natural Stone Paving (2010) - "We've Paved the Monopoly Board" - Limited edition of 250 sets manufactured for Marshalls Natural Stone Paving
List of licensed and localized editions of Monopoly: Europe
List_of_licensed_and_localized_editions_of_Monopoly:_Europe
Loans with unfairly high interest rate
access of an indebted country to its creditor Excess profits tax – Tax on monopoly profits Greed – Insatiable longing for material or immaterial gain; avarice
Usury
Property of some mathematical functions
generally, a necessary and sufficient condition for the verification of a natural monopoly. It implies that production from only one firm is socially less expensive
Subadditivity
Philosophy of individual rights and liberty
equality under the law. Liberals also ended mercantilist policies, royal monopolies, and other trade barriers, instead promoting free trade and marketization
Liberalism
Type of economic system
artificial price pressures and government-granted monopolies (usually classified as coercive monopoly by free market advocates) and no taxes or tariffs
Market_economy
Political ideology of Zionism with liberal values
economy Natural monopoly Open society Permissive society Popular sovereignty Property Private Public Rights Civil and political Minority Natural and legal
Liberal_Zionism
Business process
expansion or through mergers and acquisitions. The process can lead to monopoly if a company captures the vast majority of the market for that product
Horizontal_integration
Ratio between turnover and profit
distinct from rate of return. Profit margins can include risk premiums and monopoly profits. Profit margin is calculated with selling price (or revenue) taken
Profit_margin
Form of non-democratic government
economy Natural monopoly Open society Permissive society Popular sovereignty Property Private Public Rights Civil and political Minority Natural and legal
Liberal_autocracy
American philosopher (1803–1882)
the first of what would eventually be some 1,500 lectures, "The Uses of Natural History," in Boston. This was an expanded account of his experience in
Ralph_Waldo_Emerson
Movement of goods or people between locations
infrastructure can either be public or private. Transport is often a natural monopoly and a necessity for the public; roads, and in some countries railways
Transport
– National Income and Product Accounts – Natural capital – Natural Capitalism – Natural monopoly – Natural resource economics – Neoclassical economics
Index_of_economics_articles
Form of utility regulation limiting total revenue
regulation in which the regulator of a public utility, typically a natural monopoly such as an electricity network, sets a limit on the total revenue the
Revenue-cap_regulation
Transmission system operator (TSO) based in Rome, Italy
minimize their impact on biodiversity and landscapes. Operating as a natural monopoly, Terna is regulated by the Italian Authority for Energy, Networks,
Terna_Group
Social science studying goods and services
regulatory remedies, as discussed above. Natural monopoly, or the overlapping concepts of "practical" and "technical" monopoly, is an extreme case of failure of
Economics
Processes through which companies combine or transfer ownership
acquisition that may "substantially lessen competition" or "tend to create a monopoly", and the Hart–Scott–Rodino Act requires providing advance notice to the
Mergers_and_acquisitions
Practices that prevent or reduce competition in a market by a business or government
Competition law Competition regulator Loss leader Market concentration Natural monopoly Network effect Parker immunity doctrine Predatory pricing Price discrimination
Anti-competitive_practices
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