monopolistic etymology

Etymology:

The word "monopolistic" is derived from the Greek words:

• mono (μόνο-) meaning "single" or "alone"
• polein (πωλεῖν) meaning "to sell"

Meaning:

Monopolistic refers to the control of a market by a single seller. A monopolistic market structure is characterized by:

• One dominant firm that controls a substantial majority of the market share
• Barriers to entry for other firms
• High market concentration
• Limited competition

Origin:

The concept of monopoly has been recognized since ancient times. In the 4th century BC, Aristotle discussed monopolies in his book "Politics." However, the term "monopolistic" was coined much later.

• In 16th-century England, the "Statute of Monopolies" was enacted to prohibit certain types of monopolies.
• In the 18th century, the term "monopolistic" was used by economists to describe the behavior of dominant firms.
• In the 20th century, the study of monopolistic markets became a major focus of antitrust law and regulation.

Examples:

Examples of monopolistic markets include:

• Utilities (e.g., electricity, water)
• Natural gas transportation
• Certain prescription drugs
• Some high-tech industries

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