Principles Of Economics Micro Summer 1 2015 - 1856 Words

Giovanna Kiamos Professor Rukhama Halim Principles of Economics: Micro SUMMER 1 2015 August 5, 2015 Monopoly Market Structure The word monopoly derives from the Greek meaning (monos ÃŽ ¼ÃÅ'ÃŽ ½ÃŽ ¿Ãâ€š (alone or single) + polein πωÎ »ÃŽ µÃ¡ ¿â€"ÃŽ ½ (to sell). A monopoly is a market structure in which there is only one supplier of a product and/or service for which there is no competition or close substitute – a true testament to its Greek meaning. This paper will take a closer look at the Monopoly Market Structure and how it affects/impacts businesses, consumers, prices as well as supply and demand. The monopoly market structure (sometimes called a pure monopoly) is free to set any price it chooses. Since it is free to set its prices, it is referred to as a price maker and not a price taker like a competitive firm. Unlike the consumers of a perfectly competitive firm, the consumers of a monopolistic firm cannot go elsewhere. The monopoly market structure, as well as any other market structure, will most often set prices that yield the highest profit. As the sole providers of a product and/or service, monopolies have no competition and no price restrictions but what must be understood, is the difference between â€Å"market power† and â€Å"monopoly power† which are related but not the same. â€Å"The Supreme Court has defined market power as â€Å"the ability to raise prices above those that would be charged in a competitive market,† and monopoly power as â€Å"the power to control prices or exclude competition.†Show MoreRelatedA Better Kind Of Tire : Gap Analysis1618 Words   |  7 Pagestires every year. This can result in a dangerous and stressful situation. According to Ali, â€Å"1 in 5 do not know how to change a tire† (2017). Even worse, many car manufacturers no longer include a spare tire and have opted for an inflator kit. 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