Legal Definitions - monopolization

Definition: Monopolization is the act of obtaining a monopoly, which is when a company or individual has complete control over a particular market or industry. In federal antitrust law, monopolization is considered an offense with two elements:

1. The possession of monopoly power within the relevant market, which means having the power to set prices and exclude competitors.
2. The willful acquisition or maintenance of that power, as opposed to growing or developing as a result of a superior product, business acumen, or historical accident.

For example, if a company controls all the oil refineries in a particular region and can set prices as high as they want, they are considered to have a monopoly on oil refining in that area. If they actively work to prevent other companies from entering the market, they could be guilty of monopolization.

Attempted monopolization: This is the effort to monopolize any part of interstate or foreign commerce. It consists of three elements:

1. A specific intent to control prices or destroy competition in the relevant market.
2. Predatory or anticompetitive conduct.
3. A "dangerous probability" of success in achieving monopoly in the relevant market.

For example, if a company tries to buy up all the suppliers of a particular raw material, they may be attempting to monopolize that market. If they engage in anticompetitive behavior, such as threatening suppliers who do business with their competitors, they could be guilty of attempted monopolization.