What is MONOPOLY?

In commercial law. A privilege or peculiar advantage vested in one or more persons or companies, consisting in the exclusive right (or power) to carry on a particular business or trade, manufacture a particular article, or control the sale of the whole supply of a particular commodity. Defined in English law to be “a license or privilege allowed by the king for the sole buying and selling, making, working, or using, of anything whatsoever; whereby the subject in general is restrained from that liberty of manufacturing or trading which he had before.” 4 Bl. Comm. 159; 4 Steph. Comm. 291. And see State v. Duluth Board of Trade, 107 Minn. 506, 121 N. W. 395, 23 L. It. A. (N. S.) 1260. A monopoly consists in the ownership or control of so large a part of the market- supply or output of a given commodity as to stifle competition, restrict the freedom of commerce, and give the monopolist control over prices. See State v. Eastern Coal Co., 20 R. I. 254, 70 Atl. 1, 132 Am. St. Rep. 817; Over v. Byrain Foundry Co., 37 Ind. App. 452, 77 N. E. 302, 117 Am. St. Rep. 327; State v. Haworth, 122 Ind. 462, 23 N. E. 040, 7 L. R. A. 240; Davenport v. Kleinschmidt 6 Mont. 502, 13 Pac. 249; Ex parte Levy, 43 Ark. 42, 51 Am. Rep. 550; Case of Monopolies, 11 Coke, 84; Laredo v. International Bridge, etc., Co., 66 Fed. 240, 14 C. C. A. 1; International Tooth Crown Co. v. Ilanks Dental Ass’n (C. C.) Ill Fed. 91G; Queen Ins. Co. v. State, 80 Tex. 250, 24 S. W. 307, 22 L. R. A. 483; Herriman v. Menzies, 115 Cal. 16, 46 Pac. 730, 35 L. R. A. 318, 56 Am St. Rep. 81.

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