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Identify 3 businesses, corporations etc. which you feel most closely fit the definition of a monopoly....

Identify 3 businesses, corporations etc. which you feel most closely fit the definition of a monopoly. Be sure to include the 2 criteria that must be present to have a monopoly.

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Answer #1

A monopoly is a firm that is the sole seller of its product and no near alternatives are possible. An unregulated monopoly possesses market power and can affect prices.

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

Monopolies exist for:
(1) The firm owns a key resource.
Debeers, and diamonds, for example.
(2) The Government grants a company the exclusive right to produce a good.
Examples include: Proposition 3 on gambling for the slot machine, patents on new drugs, software and book copyrights.

Some government monopolies result from special interests and corruption, while some increase efficiency by promoting innovation.

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