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Except that price must be below what competitors will offer.



No. This is the problem with monopolies. They use other advantages to win markets without competing on price, features, or innovation. It's harmful to consumers.


A monopoly by definition has no competitors.


Yes it does! It has all the competitors that could and would be started if prices rose.


You're counting hypothetical competitors? So how do you propose measuring how many competitors there are in a particular market? With that definition, there are an infinite number even if I can currently purchase from only one vendor.




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