Hmm. Why should the word monopoly only refer to the legal mechanism by which market exclusivity is enforced rather than referring to the resulting market structure or market power?
If I'm not legally prohibited from competing with a firm, but that firm's position nonetheless also makes it unprofitable for me to enter or compete, what is that market structure called?
If I'm not legally prohibited from competing with a firm, but that firm's position nonetheless also makes it unprofitable for me to enter or compete, what is that market structure called?