Can a company be monopolistic even though it does not exclude competition? Last week the U.S. Supreme Court said yes. In a unanimous decision which greatly broadened the definition of monopoly, the Court upheld the conviction of the Big Three cigaret companies (American, Reynolds, Liggett & Myers) and 13 top executives on antitrust charges.
The Big Three had contended that no monopoly existed. Reason: during the period covered by the indictment, competitors had increased their share of the cigaret market. But the court ruled that the mere presence of competition did not mean that there was no monopoly, as long...
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