Response to Skyler Markwell's Lecture Post on Monopolies
Skyler, your response to the classroom discussion on monopolies was thoughtful and it was good thinking to compare it to the board game. However, there was a lot more that could have been said.
For example, you could have given us a better more precise description of what a monopoly is, and given us examples from the real world. One obvious example is one that is happening right now in our own backyard with the purchase of GE by Electrolux (which, by the way, I got wrong on the current events quiz so don't think I am a complete expert). Even though Electrolux is trying to buy GE, it isn't final because the government may think it would create a monopoly. This is because they both make the same things. Like, they both make refrigerators and washing machines.
You also could have spoken about the negative effects of a monopoly and how it gets rid of competition and makes it so the consumers can only buy from that one company. WalMart is a good example of this because they move into small towns and wipe out all the other stores.
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