Monopoly. Microeconomy class.
Complete the following:
Based upon this week’s readings, analyze an article published within 60 days prior to the term that deals with a monopoly—closed, open, or natural.
Analyze the factors driving change in the industry. Are there potential changes due to globalization or technology that might alter this firm’s position as a monopolist? What are they? Why would they alter the firm’s position as a monopolist?
Your paper should be at least 3 pages in length and must conform to the APA format. Include a supply-demand graph relevant to a monopoly. Please note, that you need to create the graph and not copy it from any source. Any copied and pasted graphs will not earn any points.
Incorporate at least 4 scholarly references that are not required readings for this module.
Chapters 9 & 10 in Introduction to Microeconomics
Chapters 16 & 19 in The Economics of Public Issues
Bennett, D. L. (2014). Myth-busting: The laissez-faire origins of American higher education. The Independent Review, 18(4), 503-525.
Coase, R.H. (1937). The nature of the firm. Economica, New Series, 4(16), 386-405.
Hoffer, A. J., Shughart, William II, F., & Thomas, M. D. (2014). Sin taxes and sin industry: Revenue, paternalism, and political interest. The Independent Review, 19(1), 47-64.
Horowitz, I., & Lackritz, J. (2012). Jolting Joe and Charlie Hustle: The immediate economic impact of an extended hitting streak. American Economist, 57(1), 42-49
Explain pure competition and the competitive firm.
Determine profit maximization in the short run and the importance of entry and exit for long-run equilibrium.
Summarize the three types of monopolies and analyze how each can determine price in the short and long run.
Compare monopoly to competition