Monopolies and Monopolistic Competition

Learning Goal: I’m working on a micro economics discussion question and need an explanation and answer to help me learn.

A monopoly is a firm that is a sole seller in a market. Monopolies can decide to set different prices for different consumers through price discrimination. In monopolistic competition, there are many firms that sell products that are similar but not identical.

In your initial post, include the image of your simulation report in your response. See the How to Submit a Simulation Report Image PDF document for more information. Then, address the following questions:

  • Explain which types of market inefficiencies derive from monopolies. Use examples from the textbook to support your claims.
  • Describe the types of inefficiencies that derive from monopolistic competition. Use examples from the textbook to support your claims.
  • How are monopolies and monopolistic competitive firms profitable? Use examples from the textbook to support your analysis.

In your responses, comment on at least two posts from your peers by providing examples from the news of monopolies and firms in monopolistic competition markets. Compare and contrast the two types of markets.

THERE ARE A TOTAL OF 3 POSTS. THE INITIAL AND 2 POSTS RESPONDING TO THE PEERS AS ATTACHED

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