Question

This week, we cover Monopoly and Oligopoly. Choose whichever topic you found of most interest (monopoly OR oligopoly) and respond to the following questions. Note: Each response should only be 3 - 5 sentences. What surprised you most while learning about this topic, and why? What was the most important thing to you that you learned from this topic? Why do you think it's most important? What one question remains uppermost in your mind? How is what you learned this week relevant to you in your life (outside of class!) What made you curious about this topic – what did you want to learn more about and why?

Answer 1

Topic chosen is MONOPOLY.

1. The surprising part of monopoly is that it consists of only one supplier or producer. It is opposite of market competition. He is the price maker for the market.

2 & 3. The most important thing learnt about monopoly is that it is entirely opposite to a market competition, if competition does not exist the customers does not have any options to choose.

4. The question that remains is where is the application or which markets require application of monopoly?

5. It is relevant in my life since I can come to know the market structure and understand intricacies of it.

6. I am curious to know in case of monopoly how will the economy grow as there are no competitors, therefore no product development.

7. I want to learn about the features, types of monopoly. Its applications advantages and disadvantage in a market scenario