Monoply Laws

By Zach Adams

What is a Monopoly? Why are there laws?

Exclusive control of the market supply of a product or service.

In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit.

HEY WATCH THIS VIDEO!!!

Part 1: The problem with monopolies

Competition!

When a new invention's patent ends, other companies or businesses are able to produce the same product. Depending on the demand of the product after the patent ends, definitely has a huge impact on how many other producers decide to jump on your train. Meaning that the amount of competition directly depends on the amount of the demand after the patent ends. Say Nike is the only cleat provider. They could price their cleats to whatever they wanted. Because people would have no choice but to buy them from Nike since they could not find cleats anywhere else.
Big image
Big image

Scources

"Monopoly PlayV2('en/US/st/std3skskshsfsfshykgk');playV2('en/UK/st/std3skskshsfsfshykgk')." TheFreeDictionary.com. N.p., n.d. Web. 14 Feb. 2014.

"Monopoly." Wikipedia. Wikimedia Foundation, 13 Feb. 2014. Web. 14 Feb. 2014.

"United States Antitrust Law." Wikipedia. Wikimedia Foundation, 02 Sept. 2014. Web. 12 Feb. 2014.