> Courts do not require a literal monopoly before applying rules for single firm conduct; that term is used as shorthand for a firm with significant and durable market power — that is, the long term ability to raise price or exclude competitors. That is how that term is used here: a "monopolist" is a firm with significant and durable market power.
[1] https://www.ftc.gov/tips-advice/competition-guidance/guide-a...
Edit to add: And to the "everyone knows what is meant". No, that's not true, lots of people have become confused by the usage of the word "monopoly" to describe the issues with big tech companies, through its pervasive usage in congressional hearings and media. Using confusing inaccurate language is not harmless, it confuses the debate.
Literally this is semantics. Literally, you are arguing about the definition of a word. So yes, by definition, you are quit literally arguing about what a word means, which is semantics.
That's what the word "semantics" means.
I'm with you here.
> Saying "monopoly" is just shorthand for market power, it's not a binary definition.
No, the word "monopoly" has an actual definition.