Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Monopoly
n. 1. Control or advantage obtained by one supplier or producer over the commercial market within a given region. 2. The market condition existing when only one economic entity produces a particular product or provides a particular service. 0 The term is now commonly applied also to situations that approach but do not strictly meet this definition
bilateral monopoly.
A hypothetical market condition in which there is only one buyer and one seller, resulting in transactional delays because either party can hold out for a better deal without fearing that the other party will turn to a third party.
legal monopoly
See MONOPOLY
legal monopoly.
The exclusive right granted by government to business to provide utility services that are, in turn, regulated by the government.
monopoly leveraging
A theory of liability holding that a party violates the antitrust laws when it exploits its monopoly power in one market to gain a competitive advantage in another market.
monopoly power
The power to control prices or to exclude competition. ( The size of the market share is a primary determinant of whether monopoly power exists.
natural monopoly
See MONOPOLY.
natural monopoly.
A monopoly resulting from a circumstance over which the monopolist has no power, as when the market is so limited for a product that only one plant is needed to meet demand. 3. Patents. The exclusive right to make, use, and sell an invention.