In order to comprehend the ontological construction below, please refer to the respective posts for all notions in italic.
A market structure with a single seller is a monopoly. Monopoly describes a solitary market supplier not only on the side of supply for a particular commodity but also on the side of demand; as the demand itself should be backed up by supply of another commodity, which can be exchanged for the commodity demanded. Monopolistic market here presents a monopoly in exchange with another monopoly in opposition to a monopsony. The two sides of monopoly maximise the profit by restricting the production of goods to the size of the maximum income, acquirable through them.
Historical Backdrop
• ARISTOTLE Politics: monopoly.
• ALFRED MARSHALL Principles of Economics: monopoly revenue.
• JOHN BATES CLARK The Problem of Monopoly: monopoly.
• JOAN ROBINSON The Economics of Imperfect Competition: pure monopoly revenue.
