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How can countries control
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- What is a monopoly? Why do we not think monopolies are good in economics, even if they are very profitable? Can you give an example of a monopoly?If only one airline serves a town, does a monopoly exist? What about competition from other services?What are the limitations of a monopoly? Provide ONE example of a policy we can use to address monopolies.
- Why don’t monopolists try to establish the highest price possible, as many people allege? What would happen to sales? To profits?Is a monopoly still subject the laws of supply and demand? How can it use these laws to its advantage?What are the necessary conditions for a monopoly position in the market to be established?