quote: A situation in which a single company owns all or nearly all of the market for a given type of product or service. This would happen in the case that there is a barrier to entry into the industry that allows the single company to operate without competition (for example, vast economies of scale, barriers to entry, or governmental regulation). In such an industry structure, the producer will often produce a volume that is less than the amount which would maximize social welfare.
quote: Hey motoman, it seems that your clear logical arguments are not welcomed here on a thread about Apple not being a monopoly
quote: I guess people here think that because Apple has around 75% of the market that they like are stopping people from making their own stores or own music players like the Zune HD, which clearly is a copycat iTouch.