American Monopolies
According to Webster , to have a monopoly is to have exclusive ownership, possession, or control. The following essay is an examination of Microsoft in comparison to this definition and another commonly known monopoly, Standard Oil. Also attention will be given to the necessary role of and problems with monopolies. A competitive market consists of many buyers and sellers. Markets thrive because an equilibrium price is established through natural competition and no single buyer or seller can affect that price. Instead both buyer and seller must take the price given by the market based on the dynamics of supply and demand. This competition is healthy and necessary to the economy because it regulates price, production, promotes and motivates innovation and improvement. In comparison, a monopoly dictates its price and quantity based on demand. It has the potential to influence prices and does so to increase profits. Regarding production, a monopolist produces below the demand curve in order to charge higher prices to consumers. Less production and higher prices clearly illustrate the inefficiency of a monopoly and the harm it may cause to the economy.
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Some common words found in the essay are:
Standard Oil, Competitive Market, Internet Explorer, Trade Commission, Bill Gates, Violates Section, Anti-Trust Act, Trust Act, Rockefeller Rockefeller, Harrison July, standard oil, sherman anti-trust, sherman anti-trust act, anti-trust act, act 1890, anti-trust act 1890, operating system, market share held, competitive market, bill gates, buyer seller, programming codes, standard oil trust, railroad provided, share held microsoft,
Approximate Word count = 1105
Approximate Pages = 4 (250 words per page double spaced)
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