By Patty Khuly, VMD, MBA
Veterinarians are generally fairly relaxed on the subject of macroeconomics. Most of us would be hard-pressed to define the term beyond the broad strokes its Latin roots suggest. One of its offshoot concepts is that of monopoly, defined in economic terms as a “single seller.” As a legal term, however, it refers to a business entity that exerts significant market muscle, one with the power to undermine opportunity, choice, and freedom of expression by virtue of reduced competition.
Whether large or small, monopolies have been illegal in the U.S. since the first half of the 20th century, which is why the government now oversees the mergers and acquisitions of companies. The idea is that no one company should be capable of extreme pricing (...
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