It is called a monopoly when one person alone buys up the whole of one kind of commodity, fixing a price at his own pleasure.

Explanation

Monopoly is identified by its two marks: exclusive control and arbitrary pricing — wherever both are present, the law recognizes an injury to the public right of commerce.

Where this applies

• One company has cornered the market and sets whatever price they want.
• A monopoly exists when one entity controls all supply and fixes prices at will.
• Exclusive control plus arbitrary pricing equals a monopoly.

See also

• 2.3.6 Whenever the interpretation of liberty is doubtful, the answer should be on the side of liberty.
• 12.12.1 Commerce ought to be common, and not to be converted into a monopoly and the private gain of a few.