Question: In a column in the Wall Street Journal, venture capitalist Peter Thiel described the difference between monopoly businesses and competitive ones: Suppose you want to

In a column in the Wall Street Journal, venture capitalist Peter Thiel described the difference between monopoly businesses and competitive ones: "Suppose you want to start a restaurant in Palo Alto that serves British food. 'No one else is doing it,' you might reason. 'We'll own the entire market." Would the only restaurant that sells British food in Palo Alto, or any other city, be considered a monopoly? What criteria would you use to determine whether the restaurant is a monopoly?

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