Pure Monopoly's: Eco 100 Survey Of Contemporary Economic Issues
Pure Monopoly’s
ECO 100 Survey of Contemporary Economic Issues
Pure Monopoly’s Answer Question 1 from the study questions at the end of Chapter 8 in the text: "No firm is completely sheltered from rivals; all firms compete for consumer dollars. If that is so, then pure monopoly does not exist. Do you agree?" Fully explain your answer in a way that shows your understanding of “monopolies.”
I do think that monopoly’s exist in today’s society they are not common but are still around if you go looking for them. Our text book says a pure monopoly “is when there is only one dominant producer of a product or serves.” (Brue, 2010) A true monopoly needs copyrights and patients to protect the product or serves they provide. This is how the company stays dominant. At one point Microsoft was considered a monopoly and still is at times. Bill Gates founder of Microsoft became a billionaire seemingly overnight because at the time no one caught on to what he was doing. There was and to a point still is a lake of similar product on the market to do what Microsoft does. Even now the products that are similar do not have the same features and quality as anything Microsoft does. One …show more content…
When it comes to our utility’s it is a pure monopoly. If you go online to the city of Suffolk’s website it will say there are two companies that provide electricity but neither company covers the entire area. So you only have one choice. It is the same when it comes to the Natural Gas. The city’s website says there are two but they do not cover all the areas. In the area we live there is only one company that provides water and trash services. I do not live in a small town I live in a major area with 8 major city’s all using the same few utility companies and one company for water. This is a pure monopoly no matter how you look at it. Based on what our book says the utility companies have a monopoly in the area I
ECO 100 Survey of Contemporary Economic Issues
Pure Monopoly’s Answer Question 1 from the study questions at the end of Chapter 8 in the text: "No firm is completely sheltered from rivals; all firms compete for consumer dollars. If that is so, then pure monopoly does not exist. Do you agree?" Fully explain your answer in a way that shows your understanding of “monopolies.”
I do think that monopoly’s exist in today’s society they are not common but are still around if you go looking for them. Our text book says a pure monopoly “is when there is only one dominant producer of a product or serves.” (Brue, 2010) A true monopoly needs copyrights and patients to protect the product or serves they provide. This is how the company stays dominant. At one point Microsoft was considered a monopoly and still is at times. Bill Gates founder of Microsoft became a billionaire seemingly overnight because at the time no one caught on to what he was doing. There was and to a point still is a lake of similar product on the market to do what Microsoft does. Even now the products that are similar do not have the same features and quality as anything Microsoft does. One …show more content…
When it comes to our utility’s it is a pure monopoly. If you go online to the city of Suffolk’s website it will say there are two companies that provide electricity but neither company covers the entire area. So you only have one choice. It is the same when it comes to the Natural Gas. The city’s website says there are two but they do not cover all the areas. In the area we live there is only one company that provides water and trash services. I do not live in a small town I live in a major area with 8 major city’s all using the same few utility companies and one company for water. This is a pure monopoly no matter how you look at it. Based on what our book says the utility companies have a monopoly in the area I