a business or inter-related group of businesses which controls so much of the production
or sale of a product or kind of product as to control the market, including prices
and distribution. Business practices, combinations and/or acquisitions which tend
to create a monopoly may violate various federal statutes which regulate or prohibit
business trusts and monopolies or prohibit restraint of trade. However, limited
monopolies granted by a manufacturer to a wholesaler in a particular area are usually
legal, since they are like "licenses. " Public utilities such as electric, gas and
water companies may also hold a monopoly in a particular geographic area since it
is the only practical way to provide the public service, and they are regulated
by state public utility commissions.
See also antitrust laws license restraint of trade
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