We’ve observed that there are few examples of perfectly competitive markets in the real world, yet we use the model of perfect competition as a comparison with other market structures. Can you think of any examples of monopoly in the real world?Describe something you believe could possibly called a monopoly and explain why it fits the characteristics of a monopoly.Is your example a true, unregulated monopoly? (For example, Microsoft has been called a monopoly, but it is not the sole producer of computer operating systems, so strictly speaking it’s not a monopoly.)If there are few true monopolies, what can we learn from studying that market structure?

Since you have asked multiple questions, we will solve the first question for you. If you want any specific question to be solved then please specify the question number or post only that question. Perfect competition occurs when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have complete or perfect information, and businesses are unable to set prices. A scenario known as monopoly occurs when there is only one seller in the market. The monopoly case is viewed as the polar opposite of perfect competition in conventional economic analysis. The industry's downward-sloping demand curve is, by definition, the demand curve that the monopolist faces.We can find examples of natural monopolies by looking at the utility companies which include electricity, oil, gas, water, and telecom companies. For example, In the US, Comcast Corporation in the cable industry is a strong monopoly. The two main operations of Comcast Corporation, a multinational media, and technology conglomerate, are Comcast Cable and NBCUniversal. Under the XFINITY brand, Comcast Cable is one of the biggest suppliers of television, high-speed Internet, and phone services to residential users in the United States. The company also offers these services to companies. The two main operations of Comcast Corporation, a multinational media, and technology conglomerate, are Comcast Cable and NBCUniversal. Under the XFINITY brand, Comcast Cable is one of the biggest suppliers of television, high-speed Internet, and phone services to residential users in the United States. The company also offers these services to companies. **last part of the question is subjective.

Answered: e’ve observed that there are few…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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We’ve observed that there are few examples of perfectly competitive markets in the real world, yet we use the model of perfect competition as a comparison with other market structures. Can you think of any examples of monopoly in the real world?Describe something you believe could possibly called a monopoly and explain why it fits the characteristics of a monopoly.
Is your example a true, unregulated monopoly? (For example, Microsoft has been called a monopoly, but it is not the sole producer of computer operating systems, so strictly speaking it’s not a monopoly.)
If there are few true monopolies, what can we learn from studying that market structure?

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