In the second half of the 19th Century in the USA, the railroads were considered to have monopolistic power. Why? How? And, what happened? How does the definition of a market, or for that matter, a business strategy, affect that perception of a monopoly?
Can monopolies charge whatever price they want? Why or why not? Let's discuss the pricing policies of monopolies. How do they contrast with the pricing policy of a pure competitor?
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