“ Monopoly Power in the Computer Industry” A requirement for pure competition is the absence of significant barriers to entry into the market by new firms. Monopoly, correspondingly, arises because of barriers to entry. A monopoly firm is the only seller of a good or service with no close substitutes. The market in which the monopoly firm operates is called a monopoly market. The definition of a monopoly firm or market may seem precise, but in …showed first 75 words of 1125 total…

…showed last 75 words of 1125 total…the customers needs. But who can say which ones are a monopoly and which ones are not. How close do the substitutes for products have to be before they, the company, are considered to be a monopoly? We all as individuals have different likes and dislikes, so we can agree to disagree about what is a substitute for a product. So it makes sense to view monopoly as a spectrum, rather than a strict category.