Economics 101: Monopoly | SterlingTerrell.net

Economics 101: Monopoly

What is a monopoly?

Not the game, mind you.

A Monopoly is a situation in which there is only one supplier of a particular good or service.

Many wring their hands and worry about "monopoly-power," but in reality, monopolies are extremely rare.

Monopolies are rare because there are usually alternatives.

Monopoly in oranges? I'll have an apple.

Monopoly in coffee? I'll have a cup of tea.

You get the idea.