Word: monopolistic
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...monopoly is inefficient because, with only one supplier in a market, the monopolist can set price way above the market equilibrium point (E), and quantity far below E. Such a situation means that the price of the good or service is artificially elevated, while quality usually suffers. For those unfamiliar with the lingo, the gist is simple (and oft-repeated in Professor Feldstein's lectures): monopoly bad, free trade good...
...learned in Ec 10 that monopolies harm consumers. Quality tends to suffer. The monopolist has no direct incentive to improve the product offered. What if Harvard offered an alternative introductory economics class, forcing the two to compete for student attendance? Perhaps then Ec 10 would have to reduce section size and spice up the curriculum to attract more "customers...
...unethical? Ellison begged to differ. His investigators had uncovered evidence that Microsoft was secretly funding "front groups" in order to manipulate public opinion in its favor, he contended. Probing those activities was, Ellison insisted, a "civic duty." He has taken to calling Gates a "convicted monopolist...
...feds are going to allow AOL to own Time Warner's cable lines, they want assurances that AOL won't turn them into an exclusive carrier of AOL content. And the company's use of its IM domination isn't very reassuring." AOL isn't a monopolist now, and AOL-Time Warner would be no more of a cable monopoly than Time Warner (corporate overlord of this site) has been. It's more a question of corporate character - what kind of behemoth would AOL-Time Warner be? How would it wield its immense clout? And to the wary eyes...
...antitrust chief Joel Klein, the plan strikes a perfect balance: "Neither the heavy hand of ongoing government regulation nor the self-interest of an entrenched monopolist will decide what is in the best interest of consumers," he says. "Rather, consumers will be able to choose for themselves the products they want in a free and competitive marketplace." Counters Gates: "We don't believe the courts are going to uphold this kind of unprecedented and radical regulation of our activities...