What you’ll learn to do: define the characteristics of a monopoly
Businesses love the idea of a free-market economy, so why then, would a business want to become a monopolist? Just think…if a business can control the entire market for a product, then they eliminate competition and are almost guaranteed a profit. In this outcome, you’ll learn about what a monopoly is and why firms try to eliminate their competition.
The learning activities for this section include the following:
- Reading: Introduction to Monopolies
- Self Check: Introduction to Monopolies
Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.