Description
Read the article Apple’s iTunes Monopoly
Respond to the following questions:
a) Is Apple iTunes (and/or iPod) a monopoly, a monopolistic competitor, or a competitor in a competitive market? Explain your answer in terms discussed in (Mankiw) Chapters 13, 14, 15; distinguish between short-run and long-run scenarios.
b) What are the “welfare” (as discussed in Mankiw) implications involved with Apple’s behavior as a supplier/producer?
c) As a consumer, reflect on the significance, or lack thereof, of the “case against Apple”.
d) “Thinking like an economist”, what is your opinion of the “case against Apple”?
Explanation & Answer
Attached.
Running head: APPLE’S ITUNES MONOPOLY
Apples iTunes Monopoly
Name
Institutional Affiliation
1
APPLE’S ITUNES MONOPOLY
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Apples iTunes Monopoly
a) Is Apple iTunes (And/or iPod) A Monopoly, A Monopolistic Competitor, Or a
Competitor in a Competitive Market? Explain Your Answer In Terms Discussed In
(Mankiw) Chapters 13, 14, 15; Distinguish Between Short-Run And Long-Run
Scenarios.
Apple’s iTunes is a monopolistic competitor. The industry within which iTunes operate is
characterized by numerous firms which offer music streaming services that are similar but
consumers do not regard them as perfect substitutes. In the short run, all...
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