I was trying to make the point that monopoly isnt defined by inefficiency, either by the technical definition or the colloquial one.
Rality is complex, and few monopolies can be arbitrarily inefficient. I think this is where a lot of the public confusion about monopiles comes from.
If you have the only grocery store or gas station in town, it might seem like there is a monopoly. There is probably a wide leeway to raise prices or be inefficient, but not without limit or else someone would compete.
If Amazon, Google, or whomever 10X'd their prices, competitors would arise.
I was trying to make the point that monopoly isnt defined by inefficiency, either by the technical definition or the colloquial one.
Rality is complex, and few monopolies can be arbitrarily inefficient. I think this is where a lot of the public confusion about monopiles comes from.
If you have the only grocery store or gas station in town, it might seem like there is a monopoly. There is probably a wide leeway to raise prices or be inefficient, but not without limit or else someone would compete.
If Amazon, Google, or whomever 10X'd their prices, competitors would arise.