Monopolies vs. Perfect Competition (Part 3) | Chapter 8

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0:38 - I think the wording of the quote is confusing - he is basically saying that the true definition of monopoly is the firm/whatever that sells a product that is entirely unique. This makes its applicability limited because most products or services overlap with one another in some kinda way. According to Schumpeter, when people use the term "monopoly," it is usually in regards to "big business" + participation in restrictive practices, which is the behavior he primarily addressed in chapters so far. -L