Discussion:
Monopoly and Monopsony Competition
Choose a firm that you believe is a monopoly and describe the specific market conditions that lead you to conclude that it is. Does the firm's monopolistic status automatically make it harmful to the economy or the public? Provide an example that demonstrates how its monopolistic position might actually benefit the public. If you cannot do so, make a strong argument to the contrary that shows how the firm's monopoly power is necessarily harmful.