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If people can always substitute one thing for another, can we ever have perfect monopoly?

What Is Monopoly?

Monopoly is a board game where players compete to become the wealthiest by buying, trading, and selling property. Players move around the game board, buying and trading properties, and collecting rent in the form of money from their opponents. The goal is to become the wealthiest player through strategic economic decisions.

Can We Have Perfect Monopoly?

Perfect monopoly occurs when a single seller controls the entire market for a certain product or service. When perfect monopoly exists, the seller is able to dictate the terms of the market. This means they can set prices, decide the quantity of the product or service, and block any potential competitors from entering the market. Perfect monopoly is rare, as it requires a large amount of market power.

How Can Substitution Affect Perfect Monopoly?

Substitution can affect perfect monopoly, as it affects the market power of the seller. When there are substitute goods or services available, it reduces the market power of the seller. This is because consumers can switch to the substitute goods or services, which gives them more bargaining power and prevents the seller from having a complete monopoly.

Can Perfect Monopoly Exist With Substitution?

It is possible for perfect monopoly to exist with substitution, but it is unlikely. Perfect monopoly requires a large amount of market power, and substitution reduces the market power of the seller. Therefore, perfect monopoly is much more difficult to achieve in a market with substitution.

Related Questions

What is a monopoly?
What is perfect monopoly?
How does substitution affect perfect monopoly?
What is the difference between monopoly and perfect monopoly?
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What are some examples of perfect monopoly?
Can perfect monopoly exist in a competitive market?
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Are there any drawbacks of perfect monopoly?

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