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QUESTION
Point out one product that you believe is produced by a "pure" monopoly firm (or a firm with a high degree of monopoly power). Is it a local,
- Point out one product that you believe is produced by a "pure" monopoly firm (or a firm with a high degree of monopoly power).
- Is it a local, regional or national monopoly?
- What are some of the Barriers to Entry into this industry?
- For the product listed, list substitute(s) for this "monopoly."
- Demonstrate how the relative "closeness" of the substitutes listed determines, to a large degree, effective limits to the monopoly power of these firms.
