Now that you have learned about various industry structures, think about a pure monopoly, monopolistic competition, and oligopoly from the economic and then from a consumer perspective. Then, post a response to the following:
PART 1- PERSPECTIVES ON INDUSTRY STRUCTURES
1. As a consumer, what are the advantages and disadvantages of each of these industry structures?
2. To an economy, what are the advantages and disadvantages of each of these industry structures? Do private and social interests coincide under these industry structures? Give examples to support your reasoning.
PART 2 - THE END OF MONOPOLY
You have read about pure monopoly as an industry structure and the factors that contribute to the creation of a monopoly. Think of two examples of pure monopoly in the real world-one of a public good and one of a private good. Then, with reference to both examples, post a response to the following:
1.Can both monopolies continue endlessly? Why or why not for each example?
2.What factors could cause the monopolies to end? Is there a difference between them.