[Y_Y]

I don't think we disagree, I would just like to add that this subtlety about "monopoly" depends on the (subjective) existence of substitute goods. Maybe as a consumer I just want any old book to read and so an individual author has no market control. On the other hand you can imagine, say, a technology that's practically or actually unavoidable as an input for a particular business (suppose HDMI had no viable alternative), then the IP holder could extract super-normal profit and make the economy less efficient.