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Comment: Your second paragraph wrongly defines monopoly.

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Your second paragraph wrongly defines monopoly.

A company can raise prices for any number of reasons.

They may have all sorts of excuses for shoddy customer service.

But simply because they exhibit either or both doesn't define a monopoly. A monopoly means that not only are you the ONLY company providing a good or service, no other company is legally allowed to. (or effectively, regulatory barriers are so high and expensive, no upstart can join the market - only you, or you and a few buddies, can afford the cost of compliance and lawyers for non-compliance to offer this product or service)

Monopolies can ONLY be built by government intervention. Government has to intervene to either prohibit entry into that market outright, or erect "sensible" regulations that are in reality nothing but disguised exorbitant fees and hoops which can't be paid or jumped through by anyone but the existing players. This intervention creates an effective monopoly, though legally, it is not.

Someone who is already rich could start a massive company all at once and pay the lawyers to make it happen, but this is not likely. Thus effective monopoly takes hold.

Of course, government does this, not necessarily because of corruption or political payback of politicians. It happens as a result of regulatory capture.

This is a situation where industry attempts to regulate itself, by proposing government boards or agencies to manage the regulations. Then their CEO's get nominated to sit on the boards. And of course, they get to recommend new regulations. The end result is that the big players push through a mountain of red tape designed to make sure that no one else can afford to compete with them.

Thus, government CANNOT solve this problem. The only way to prevent monopoly is for a FREE MARKET and stay the hell out of it entirely.

Competition will "solve" the problem of high prices and abusive practices. If the market is free and unfettered, someone will see the opportunity to enter that niche and sell higher quality, lower price, or better service. Every time. The asshole eventually has to fly right, or go broke.