Question

Create a layout for a podcast about modern day monopolies.

Answer 1

Monsanto and ConEd are examples of monopolist companies and indicate the role of monopolies in the modern economy. Monsanto shows the dangers of allowing a company to operate with complete control over the price of its products.

• natural monopoly. costs are minimized by having a single supplier Ex: Sempra Energy Utility.
• geographic monopoly. small town, because of its location no other business offers competition Ex: Girdwood gas station.
• government monopoly. government owned and operated business Ex: USPS.
• technological monopoly

A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices.

Modern day monopolies ...

Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.