ECN310 Colorado State University Microeconomic Monopoly Principles Paper

User Generated

QQ223

Economics

ECN310

Colorado State University Global Campus

Description

Monopoly

Complete the following:

  • Based upon this week’s readings, analyze an article published within 60 days prior to the term that deals with a monopoly—closed, open, or natural.
  • Analyze the factors driving change in the industry. Are there potential changes due to globalization or technology that might alter this firm’s position as a monopolist? What are they? Why would they alter the firm’s position as a monopolist?

Requirements:

  • APA
  • Must have complete Introduction and Conclusion
  • Your paper should be at least 2 pages in length and must conform to the CSU-Global Guide to Writing and APA Requirements (Links to an external site.).
  • Include a supply-demand graph relevant to a monopoly. Please note, that you need to create the graph and not copy it from any source. Any copied and pasted graphs will not earn any points.
  • Incorporate at least three scholarly references that are not required readings for this module. The CSU-Global Library is a good place to find these references.

Prior Notes from teacher on earlier paper:

Note there is always need to report and apply actual industry data on cost savings tied to technological efficiency and gains for firms and trends from research in this based on the research conducted that is tied to research tied to the role that technological advancement plays in the future evolution of firms and industries and including graphical representations. I also noted the role of efficiencies from lean innovation and the fact that you included the cost curve analysis graphical representation as required by the assignment description.

Grafs: graphs need industry example and/or reference to a sector of the economy that has benefited from technological innovation.

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Explanation & Answer

Attached.

Running head: MONOPOLY

1

Monopoly
Student’s Name
Institutional Affiliation
Date

MONOPOLY
Introduction
Monopoly can be described as the excessive possession or control of the production and
supply of a good or a service (Boyes & Melvin, 2015). There are three main sources of
monopoly power. The first source is when the government grants exclusive rights to a particular
organization to provide a certain good or service. It is a type of monopoly referred to as closed
monopoly as it is closed by government to new rivals. Secondly, there is open monopoly in
which, an organization can have many rivals, but it becomes so good at what it does, offering
higher quality goods and services at an affordable price, that it successfully drives all its main
competitors out of the industry and maintains a significantly dominant share of the market.
Thirdly, there can be natural monopoly in which a firm invents a new good or service and thus
obtains a patent for the new invention (Boyes & Melvin, 2015). An article analyzed in this paper
that deals with a monopoly is Google Collecting Health Data on Millions of U.S. Patients by
David Beasley.
Factors Driving Change in the Industry
Internet organizations have a tendency towards becoming monopolies since they
continuously attract more consumers, making them more attractiv...


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