Home Economics When we consider monopolies, it is interesting to note that in the long run, most perceived monopolies do have to compete with other monopolies.
Economics

When we consider monopolies, it is interesting to note that in the long run, most perceived monopolies do have to compete with other monopolies.

Real Life Monopoly with Benefits and Drawbacks
When we consider monopolies, it is interesting to note that in the long run, most perceived monopolies do have to compete with other monopolies. That is, if my electric company is bad, I can move to another electric company’s zone. For this discussion, you should consider the short run where it may not be an option to simply move to an area served by another company. For this discussion, your task is to:
1. Think of a monopoly that is prevalent in your life and identify whether it is a natural or legal monopoly.
2. Describe some benefits of your monopoly being a monopoly for the consumer.
3. Explain some drawbacks of your monopoly being a monopoly for the consumer.

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