Mod 6 - module work

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Nov 24, 2024

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Mod 6 In this simulation I understood what we had to do but when it came the time to do it my screen would not allow me to add any pallets to sell, I would keep exiting out of the game but nothing when I went back in it said the simulation is over. Anyone else had the same issue. Some of the inefficiencies derive from monopolies are the overpriced product, “the markup price is over the marginal cost” [ CITATION NGr98 \l 1033 ] not only is it over priced but also under produced being unable to keep up with the demand. A monopoly as a sole producer of one good can choose how much or little to produce of it since they know they won’t lose demand because people have no where else to go to. We get to see as well how firms don’t optimize production causing them to waste input, in a perfect competitive market we see the producers are eager to safe everything they possibly can and maximize their profits but in monopoly as a price maker they take advantage of that and don’t look at their waste input. In a perfect competitive market, we see the consumer surplus and producer surplus but, in a monopoly, not only is there less consumer surplus there is also dead waste. The one characteristic the monopolies have is how they have a product that is unique to the consumer, with no close substitutes the consumer has no choice but to get it from that one monopoly. Monopolies are known having better profits in the short run vs the long run since they have no competitor because their product is brand new it will take competitors some time to create something similar to it. The pharmaceutical example from the textbook to me is a great one. First, the pharmaceutical company had a patent on their new drug, there for they were the only supplier. Once the patent was removed and some substitutes that can do the same thing are not

completely trusted by the public just because they don’t believe they are as effective. Response one Hi, while well all sometimes tend to focus on monopolies for products we can touch what about programs, web searchers and email. Google has become the biggest web searcher and it controls 70% of the market share. Reference: https://www.wallstreetmojo.com/monopoly- examples/ Response two Hi Christopher I agree with your post the big firms know that they have a big advantage by having something no one else has and everyone wants. I think a good example of monopoly is Luxoticca, this is an eye wear company that has bought out many of the other eye wear companies. They however keep different names to make people believe they have options but they are all owned by the same company. Allowing them to control 80% of the eye wear industry. Reference: https://www.educba.com/monopoly-examples/

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