Question

Please answer the following questions in your own words with sufficient application of concepts along with...

Please answer the following questions in your own words with sufficient application of concepts along with relevant research (only from trusted sources).

  • Do you think United States Postal Service is a monopoly? Provide your reasoning.
  • You have learned different kind of markets so far such as perfect competition, monopoly, monopolistic competition. What do you think about LaGuardia Community College? What kind of competition it faces?

Key Concepts: Monopoly, Monopolistic Competition, Revenues, Costs, Profit/Loss

Business   Economics   
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Answer #1

Yes, the US postal service is a government protected monopoly.It is illegal for any other service provider to deliver letters.It has the following features of a monopoly-ban on entry,no competition,single firm.

LaGuardia community college is faces monopolistic competition because there are other community colleges offering the same courses in the vicinity.The fees is high which is due to product differentiation (the quality of courses that LaGuardia offers).

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