> Though the word implies otherwise a monopoly is not defined by the lack of competitors. At least not in a legal sense anymore.
Yes, it is, though in practice that's based on complex factual analysis of whether there is real competition not whether there are other players in the same descriptive market.
> It is defined by it's marketshare.
No, marketshare is a “same descriptive market” test that people casually talking about competition use; legally, the more relevant tests are things like pricing power—can the alleged monopolist raise prices in some range without losing sales to a competitor. You can have a very large marketshare in a descriptive market but lack pricing power, or have small marketshare in a descriptive market and have pricing power because the market described is really multiple segregated markets in practice.
Yes, it is, though in practice that's based on complex factual analysis of whether there is real competition not whether there are other players in the same descriptive market.
> It is defined by it's marketshare.
No, marketshare is a “same descriptive market” test that people casually talking about competition use; legally, the more relevant tests are things like pricing power—can the alleged monopolist raise prices in some range without losing sales to a competitor. You can have a very large marketshare in a descriptive market but lack pricing power, or have small marketshare in a descriptive market and have pricing power because the market described is really multiple segregated markets in practice.