ECO100 Principles of Economics" Owning the Market"

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timer Asked: May 1st, 2018

Question Description

There is two different assignments that need to be done

In the lesson on oligopolies and monopolistic competition (The Whole Spectrum of the Market), Sal from Khan Academy creates a two-dimensional grid of the market types based on the number of competitors and the degree of product differentiation.

Identify one monopoly from which you buy a good or service.

Identify one oligopoly from which you buy a good or service.

Identify one monopolistic competitor that you buy a good or service from.

Share one effect you think these types of firms have on the quality of goods or services that you purchase. Is the quality affected positively or negatively? Provide a rationale for your answer.


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Week 5 Apply the Principle: Monopoly Power Description By now you know that monopoly power occurs in most markets. You also know that in some cases a regulated monopoly produces a better outcome than a “natural monopoly.” Yet an inappropriate use of monopoly power is the basis for an anti-trust decision. The question remains: When does a firm have too much monopoly power? In this “Apply the Principle,” you will have to decide if Google has too much monopoly power. Instructions Read the following New York Times article: Google Fined Record $2.7 Billion in E.U. Antitrust Ruling Question 1. Based on what you read, do you think Google is a harmful monopoly that should be subject to U.S. anti-trust action? Explain. 2. Do monopoly powers harm an economy? How so? 3. Why is some degree of monopoly power permitted? • • • • Week 5 | Discussion ECO100 Principles of Economics" Owning the Market" In the lesson on oligopolies and monopolistic competition (The Whole Spectrum of the Market), Sal from Khan Academy creates a two-dimensional grid of the market types based on the number of competitors and the degree of product differentiation. Identify one monopoly from which you buy a good or service. Identify one oligopoly from which you buy a good or service. Identify one monopolistic competitor that you buy a good or service from. Share one effect you think these types of firms have on the quality of goods or services that you purchase. Is the quality affected positively or negatively? Provide a rationale for your answer. RE: Week 5 | Discussion Hi Class - Welcome to our fifth week discussion forum! Please read the weekly materials before answering the discussion question! This week’s question addresses a total of four issues. First, identify one monopoly from which you buy a good or service. Second, identify one oligopoly from which you buy a good or service. Third, identify one monopolistic competitor that you buy a good or service from. Fourth, share one effect you think these types of firms have on the quality of goods or services that you purchase. Is the quality affected positively or negatively? Provide a rationale for your answer. Focusing on monopoly, keep in mind that the four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers. A monopoly only means having a single seller. Even though students often think that the term monopoly implies “big business,” plenty of small businesses are monopolies. For example, small towns may have several single sellers, vendors at concerts, or sporting events. There are probably several monopolies on the campus of your university. Class: Define price discrimination and list the conditions that must be met for price discrimination to occur
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