OWNING THE MARKET

Owning the Market”

In the lesson on oligopolies and monopolistic competition (The Whole Spectrum of the Market), Sal from Khan Academy creates a two-dimensional grid of the market types based on the number of competitors and the degree of product differentiation.

  • Identify one monopoly from which you buy a good or service.
  • Identify one oligopoly from which you buy a good or service.
  • Identify one monopolistic competitor that you buy a good or service from.
  • Share one effect you think these types of firms have on the quality of goods or services that you purchase. Is the quality affected positively or negatively? Provide a rationale for your answer.

https://www.youtube.com/watch?v=PzDthFTzEa0

Answer preview

A monopoly is a type of market structure that has a single seller, selling a unique product and has huge barriers to entry. A monopoly has the freedom of dictating set prices on their products because there is no competition that would suggest otherwise. An example of a monopoly is the utility provider Pacific Gas & Electric that supplies my electricity and gas…

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OWNING THE MARKET

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