{"id":6454,"date":"2018-02-05T15:36:19","date_gmt":"2018-02-05T15:36:19","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/outcome-introduction-to-monopolies\/"},"modified":"2024-04-25T21:58:52","modified_gmt":"2024-04-25T21:58:52","slug":"introduction-to-monopoly","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/introduction-to-monopoly\/","title":{"raw":"Introduction to Monopoly","rendered":"Introduction to Monopoly"},"content":{"raw":"<h2>What you\u2019ll learn to do: describe characteristics of a monopoly<\/h2>\r\n<img class=\"aligncenter wp-image-8395 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/24142358\/Screen-Shot-2018-05-24-at-9.23.33-AM.png\" alt=\"3 images: google search engine screenshot, TV remote showing Netflix button, and Budweiser advertisement\" width=\"474\" height=\"169\" \/>\r\n\r\nBusinesses love the idea of a free-market economy, so why\u00a0then, would a business want to become a monopolist? Just think...if a business\u00a0can control the entire market for a product, then they eliminate competition and are almost guaranteed a profit. In this section, you'll learn about what a monopoly is and why firms try to eliminate their competition.","rendered":"<h2>What you\u2019ll learn to do: describe characteristics of a monopoly<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8395 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/02\/24142358\/Screen-Shot-2018-05-24-at-9.23.33-AM.png\" alt=\"3 images: google search engine screenshot, TV remote showing Netflix button, and Budweiser advertisement\" width=\"474\" height=\"169\" \/><\/p>\n<p>Businesses love the idea of a free-market economy, so why\u00a0then, would a business want to become a monopolist? Just think&#8230;if a business\u00a0can control the entire market for a product, then they eliminate competition and are almost guaranteed a profit. In this section, you&#8217;ll learn about what a monopoly is and why firms try to eliminate their competition.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-6454\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Monopoly. <strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>The iconic Anheuser Busch neon sign. <strong>Authored by<\/strong>: Dave Herholz. <strong>Provided by<\/strong>: flickr. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.flickr.com\/photos\/dherholz\/2264674440\">https:\/\/www.flickr.com\/photos\/dherholz\/2264674440<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>google search engine browser. <strong>Authored by<\/strong>: Simon. <strong>Provided by<\/strong>: Pixabay. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/pixabay.com\/en\/google-search-engine-browser-search-76517\/\">https:\/\/pixabay.com\/en\/google-search-engine-browser-search-76517\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><li>Netflix Remote Control. <strong>Authored by<\/strong>: jgryntysz. <strong>Provided by<\/strong>: Pixabay. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/pixabay.com\/en\/netflix-remote-control-electronic-2705725\/\">https:\/\/pixabay.com\/en\/netflix-remote-control-electronic-2705725\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/about\/cc0\">CC0: No Rights Reserved<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":2,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Monopoly\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"The iconic Anheuser Busch neon sign\",\"author\":\"Dave 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