A monopoly in economics, as well as business, refers to a situation in a market in which one or a group of producers control how goods and services get to the market. In this case, there is a restriction in the entry of new products (Hawley, 2015). The government, however, sets up laws against this monopoly behavior known as the antitrust policy. Antitrust policy is a law used by the government against these monopolistic behaviors to ensure a desirable and more competitive market. In the US, the antitrust implementers are usually the US Bureau of Justice and the Federal Trade Commission (Martin, 2018). The implementation of these antitrust laws has by so far raised the yields that were diminishing as well as the cost. Antitrust policies, as well as regulation, have played a significant role in affecting the market power. In the US, the antitrust laws are more comprehensive and strict than in any other industrialized nation. Other industrialized countries have minimal antitrust laws because of their primary focus on foreign competition. The central concept of interest in this study is the concept of market power and monopoly power. We will look at the relevance of monopoly power and market power in the analysis of antitrust laws.
It is a requirement in most of the antitrust rules to show that the one in question is more likely to obtain monopoly power and market power (Martin, 2018). The claims when it comes t
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