The dairy industry is initially perfectly competitive. There are thousands of small dairy farms across the country. Then Bill Gates goes and purchases every single dairy farm.
1. In your own words compare the outcome in the market under monopoly and under perfect competition.
The dairy industry is initially perfectly competitive. There are thousands of small dairy farms across the country. Then Bill Gates goes and purchases every single dairy farm.
2. Do you believe Bill Gates would be able to keep his monoploy in the long run? Explain