Monopoly power assignment

economics

Description

Monopoloy

Problem 3 in the “Problems to Ponder” section at the end of chapter 8 asks about monopoly power.

Consider the statement, “Monopoly power comes from market acceptance, not from a patent, a prettier product, a slick advertising campaign, or anything else.  So rather than spend your time in court, you should be out there drumming up business.”  

Do you agree?  Discuss your response to the questions in this problem.

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