Review the text and your notes regarding deadweight losses associated with monopoly. Can you provide one example where a monopoly actually results in greater benefits to society as a whole? Explain your example.
The book used the example of a utility company as a good use of monopolistic practices. For example, it could be possible for the consumers to have the choice of several different water providers, but it would not be practical or cost effective to have several companies building dams and running pipes to different homes. In fact, investment to build such a company could actually result in higher prices for consumers.
An example where a monopoly actually results in greater benefits would be in computers systems. It is prudent to have a standardized computer system so that the general public can use it. For example, the Microsoft Software. Although there are many types of computers, most of them use the same software, both PC's and Macs use Microsoft word, ppt, etc. It would be incredibly tedious and both time and money consuming to have many different types of software available and taught to the general public.
I think monopolies are good for sports. I know professional sports fall under the monopolistic competition category but Michael Jordan was a monopoly himself. There was only one Michael Jordan and he sold tons of tickets and merchandise. Not just sports memorabilia but Wheaties, Hanes, Nike...etc. If every NBA player could do what Jordan did, than Jordan wouldn't have been anything special. Jordan made professional basketball better in his time just as Lebron James and Kobe Bryant are doing today.
An example of a monopoly we have discussed in class is a utilities company (like gas and electric) on a local level. We do not get to choose whom we buy energy from, but since energy is universal (electricity is electricity, gas is gas, etc.) the prices will not vary even if there were many companies. So it makes sense to just have one where we all get energy from.
An example of a monopoly being good are utility companies. People all get the service from the same place so the company has more choices in how they run their company. This is good for people because they do not have to choose their service. Prices will be the same for everyone and the monopolistic company will be regulated by the government.
An example of a monopoly that would benefit society could be patents. Patents give the inventor exclusive rights the market what they have invented for twenty years in order to stop other people from taking those ideas and make something else thats pretty much copied, making the prices fall. It's beneficial to the inventors.
A great example of a monopoly acting as a good benefit for society would have to be Patents. Just as we discussed in class, patents give the privilege to the public to take over any invention after a certain period of time. Thus, benefiting the society in an immense way.
An example of a monopoly that was discussed in our notes is a utility companies.There isn't a variety of companies to choose from like there are with cell phone companies. We only have one choice for water and gas depending on your location. The price of things such as water and electricity are fixed. Even if there was more then one company, the price would remain the same because it is being supplied from one place so it makes no sense to have multiple companies.
An example of a monopoly that benefits society as a whole would be Boeing (aircraft manufacture). The reason this benefits society as a whole is the government only has to safety check one manufacture, which allows in a much through inspection. Another way this benefits society is due to the fact that Boeing doesn't have to cheap out on the parts it uses in its aircraft to keep up with competitor prices.
The example showing benefits to society of a monopoly is a utilities company. All the energy we use (electricity, gas, etc.) comes from the same place. Prices are fixed and remain around the same, so the entry of multiple companies wouldn't make the most sense. We all use energy and it is an important part of our society, but it should and probably will continue to be considered a monopoly.
an example of a monopoly that would benefit people would be our utility companies. Prices for these things remain fixed. If there were several water or electric companies competing against each other it could actually raise prices for consumers. different water compaines would have to provide different pipes to homes and different electric companies would have to provide different power lines to homes as well. this would increase production cost and would therefore increase price
An example of monopoly would be on the new gadgets that the market puts out, like the ipad or the ipod 6rd generation. People will consume these product regardless of the price. even if they where more expensive than a regular computer they are willing to pay any price it make it there's. They value the product and its well worth it.
It has long been recognized that government-granted monopolies like patents, copyrights and trademarks can benefit society as a whole. those monopolies can providing financial incentives to inventors, artists, composers, writers, entrepreneurs and others to innovate and produce creative works. In fact, the importance of establishing monopolies of limited duration for this purpose is even mentioned in the U.S. Constitution. In addition to being for limited periods of time, such monopolies are also generally restricted in other ways, including that there are often fairly good substitutes for their products.
The book used the example of a utility companies as an ideal monopolistic practice. It would not be cost effective to have several water utility companies building dams. First of all water levels are low which already increase prices and spreading the water out through different companies make it more expensive since they have a more limited amount of resources to work off of. Which would result in a higher price for consumers. Also electric companies building more nuclear plants would bad to the environment, which would prices to compensate for environmental problems and the competing companies. So a monopoly in utilities benefits the consumers
Like the text, in class, and what everyone else is saying a perfect example of a monopoly is utilities such as electricity and water. But since there is only one firm on the market for people to buy from there is no competition to raise prices. When it is better for the market to have a single firm than 2 the text calls it a natural monopoly. A subway is a perfect example, it would cost twice as much to build a second set of tunnels and stations, and while outputs would be the same.
An example of where a monopoly would actually benefit society would be with railroad systems. Having one universal system would prevent chaotic railways and a significantly less amount of track needed.
I think a monopolistic advertising company such as CenC advertise. This could be good because they would network and link the whole market working together rather than harsh competition which would do good for the consumers as well.
An example of a monopoly that benefits the society as a whole are utility companies. THey offer the same service such as gas and electricity for about the same price. There are only so many gas and electricity companies and they all compete with each other to be our service provider and therefore compete with each other on prices. -CYnthia inchuarregui
An example of a monopoly would be utility companies. They offer a good at a fixed prices. Normally,there is only one company that provides electricity to everyone which in term, benefits people because they dont have to worry about competing companies.
An example of a monopoly that was in our notes is utility companies. Not many utility companies are available for selection such as retail stores would be accessible. There is only really one choice available for utilities depending on your location. The prices are fixed and even if there were other choices available the prices would remain the same.
An example of a monopoly in which there are greater benefits to society as a whole, is geothermal energy power plants (alternative/renewable energy). Though the idea of recycling and finding renewable energy sources seems to be all over media outlets these days, there remains to be a very small number of companies actually dealing with harvesting energy and heat from water below the earths surface such as natural geysers and hot springs. This has lead to geothermal power plants in different parts of the United States to become more monopolized in different states and cities, as entrance into this industry is highly costly and dependent on available water sources. This intern is actually a benefit to society, as the possibility for erosion of the soil and earth where the water is extracted is a negative effect of using geothermal energy. If it were more competitive more of the earths soil would be eroded. It is also beneficial as it is a crucial electricity provider for other countries like Iceland. Susan S
Bon Appetite on the University of Redlands has a monopolistic presence that is beneficial to the campus. It provides this small campus a place socially blend the students which, in my option, benefits the education experience. Although, having a couple different catering companies compete would be better for the miniature economy that takes place on a private campus, it is the communication, activity, and relationships that take place in that one building that really matters to a student body.
An example of a monopoly that benefits society is the computer. Virtually everything in society is being transformed into some sort of smartphone of mini laptop where the technology from the computer is necessary in these items. Companies like Macintosh and Microsoft utilize the same software in their advancements in order to see these items. So, even though it can be argued that these companies are a duopoly, they still use the same software to the overall benefit of society
An example of this would be an energy utilities company. They provide all the services, they have fixed prices, and generally only have one company in an area. Multiple companies joining in would not make much sense because then people would bargain hunt on something necessary. These companies help us to run our lifestyles. Having multiple electric company lines to different homes would just be hard on all companies involved including the home builders in the area because they would have to clear the digging for a new foundation with multiple different people and that would be more of a hassle. This type of industry should stay a monopoly just because it makes the most sense and it is the most productive way for both sides. Charlie Newton
I think that an example of a monopoly that would benefit the society as a whole would be the utilities that provide us with electricity, gas, and water. It is better to only have one provider of utilities because if there were more than one, people would be paying different prices for these utilities. For example, Edision has a fix rate that they charge people for electricity. If another electricity company tried to provide electricity to people, than they would lose money because they would have to set up new power lines that probably cost a lot.
An example of a monopoly that benefits society would have to be computer software. All computers use Microsoft word and all of the other programs that Microsoft has created. This makes it simple for people to go back and forth from different types of computers and use the same software to write a paper, make a presentation etc.
The best example i can think of for a monopoly that benefits society is utilities. Each region only has one utility provider. That makes a lot of sense because you really dont want multiple different companies building tons of power plants, and not having interlocking piping, or extra pipes. When major problems happen it would be harder to get things fixed. Prices are also not raised ridiculously high. Jimmy Walker
an example of a monopoly coulld be if edison ever invested in saving energy by using LED in the homes, as a form of soloar energy so then every home in america would have LED that would have alot of energy to have better brightness and use less energy. that would save a lot of money for us.
An example of a monopoly in which there are greater benefits to society as a whole would be Edison, the electricity provider. Edison is the only provider of this service, which allow him to control the price, since electricity is a need to all the people. if there was another provider of this service prices will absolutely change, since there will be a challenge in competition between the providers, and prices will vary.
An example of a monopoly that we talked about it in class is utility companies. Not many utility companies are available for selection, such as the different retail stores and grocery stores would be available to shop from. There is only really one choice available for utilities depending on your location. The prices are fixed and even if there were other choices available the prices would remain the same
In one of our classes you actually went over price discrimination and how it can be good in terms of loosing the "dead weight loss" that monopolies cause. When monopolies have the tools of finding out accurately how much one is willing to pay for a given quantity its able to sell at different prices, eliminating the dead weight loss.
The monopolization of utility companies such as local gas and electric providers benefits society as a whole. This happens because gas and electric are homogenous products and do not change at all; therefore the price will be the about the same in all locations. If there was to be competition in this industry the cost for consumers would have to be higher in order to cover the costs for building the competing facility and consumers would also have to pay for sales and marketing practices, like advertising, that would not be needed if only one company provided a utility service to one area. Dayna Wheatley
A good example of a monopolistic market that is "good" is utilities. The price for utilities is not based on competitive pricing as much as the amount that gas and water is going for as a whole all over. It would not be fare to have different companies in different areas selling at different costs for the sake of being competitive.
One example that i found that was interesting was the idea of government agencies being a monopoly. Ranging from the military to the post offices, anything that is funded by the government is considered a monopoly. There is no real competition against these entities, because no person can start their own troop of military, or their own police force. Yet these monopolies are beneficial to the United States because they provide a reliable service for the people.
I agree with everyone else, utilities are the best example of monopoly. It helps though because it is good to have only one specific firm working with that specific type of product. This is so that firm only focuses on that one product and is really good at it. Therefore no mistakes should be made because that firm only has one product to worry about.
Most likely the best example of a monopoly that would could benefit society would be a utilities company. It would have one uniform cost and there would be no competition to raise prices.
This is a very difficult question, but I would have to say the merging of XM & Sirius satellite radio. While this isn't necessarily a monopoly, the action of them merging together probably brought up some flags for "trust" agreements. If you examine their case specifically you can see that creating one and only one satellite radio provider is a greater benefit for everyone. Now XM & Sirius have more channels for the same price and less company spending. This does give them the power to raise prices as high as they want, but their market in general is elastic (for the most part). I say this only because they satellite radio was a hurting industry and this merge helped the company and the consumers.
A beneficial monopoly could be Amtrack. They have no competitors due to the difficulty of entry, and they are owned by the government so the prices could be set low if any competition should rise while still supplying a comfortable, cheap, and satisfying ride for passengers.
It can be beneficial by lowering the prices for example: having a discount for constumers, credit cards with a freeze on the interest rate to which it needs to have the record of constumer that continues to shop, and also, what a monopoly market can do is to lower prices to get rid of the deadweight loses. As a result this should have the same marginal cost and marginal revenue like a competitive market.
The public transportation system could be a benefit to society as a whole if it were a monopoly. For example, if it were a monopoly, there would be less competition between firms. Less competition could result in the possibility of a more set price stability, whether the public chooses to commute and travel by air, amtrak, subway or bus. Dead weight loss experienced through bus services could possibly be made up in another option of travel such as amtrak or subway. -Susan Lo
I think things like microsoft are good monopolies. If another company came out with something similar it wouldn't get used. We have always been used to Microsoft an I think people would be scared to switch over to something that they are not used to
The book and our notes say that utilities are an ideal example of a monopoly that is beneficial to society. Competition in this industry would result in higher prices because it would become much more expensive to produce. Also, a monopoly on utilities allows the industry to price discriminate and therefore eliminate deadweight losses.
The book and our notes say that utilities are an example of a monopoly that benefits our society. It would be pointless to have more that utility company for an area. It will just result in higher prices to produce.
An example of a monopoly that is a benefit to society is utilities. This firm is our only provider in the area, and they do not have high prices. In a sence this is good because there is not many power plants in our areas and that would more complaints and problems.
An example of when monopoly is beneficial to society is when there a patent on a drug. The patent helps with competition in the pharmaceutical firm by allowing other firms to discover new drugs which are good for us if there are no patents then the firms would not have the competitive drive to make and research new drugs because they can make a drug for cheap and save money because they would't have to spend millions of dollars on just research.
I feel a good example for Monopoly is the utilities, which is an example used in class. The reason I say that is because people can not choose their provider, it is based on the location and people are charged the same rates. This is good for the society because there is no competition and high rates.
I feel a good example for Monopoly is the utilities, which is an example used in class. The reason I say that is because people can not choose their provider, it is based on the location and people are charged the same rates. This is good for the society because there is no competition and high rates.
An example of a monopoly that benefits society as a whole I would have to say is probibly the Red Cross Foundation. They are at the top in the aid and relief going to tragic disasters around the world and seem to help society out a lot
I think that law enforcement is an example of a monopoly that is actually beneficial. Even though there are different entities, general law enforcement still operates under one umbrella. If you break it down further, you could look at the San Bernardino County Sheriff's Department compared to a specific city police Department. The county has the resources to contract out services to the different cities and save the individual cities money. When the cities contract with the county, they don't have to pay benefits, provide equipment, resources, etc... They are able to use the resources of an entire county department.
I think that our electric company is a good example of a perfect monopolistic competition that provides a greater public service because we all need electricity. Electricity is essential to our society therefore it results in greater public service.
I think one example of monopoly is the few water companies, because it is cheaper for the consumer to have only few companies controlling all of that, verses having several companies creating dams and whatever else is needed to get water and making it more expensive for us, as a consumer to make up for the costs they spent.
A example of a good monopoly is the utility company (as used in class) , people dont choose the company yet the government regulates the companys. This is also good cause with out all the competition the rates dont go to high. ACS
The best example i can think of that benefits our society as a whole would be utilities. Ultimately we all need electricity for our houses and we turn to the sole provider to get this. As consumers we do not have to shop around for the best prices. In return we all get one service with one set price for everyone.
An example of a good monopoly are companies dealing with utilities. A company has more choices in how they run their company because the people receiving the services all get that service from the same place. It is much easier for people to accomodate themselves because the service comes from one source. The government will regulate the monopolistic company and prices will be the same for every purchaser.
An electrical energy monopoly can and is easily justified as a monopoly that is beneficial to society. Starting a plant for this service is a costly thing and those costs are displaced onto the price of electricity so if you have multiple companies entering this industry then they all have to displace the costs of their initial investment onto the price of the electricity.
I agree with everyone else when they say that an example for a monopoly would be utility companies. This results in greater benefits to society as a whole because there is only one available for each region and people will not have a hard time choosing which company to use; more companies would mean more competition and higher charges because more money would be needed to produce them.
I think an example where a monopoly actually results in greater benefits to society as a whole would be if there was only one source of global navigation in the world. Currently we have many different kinds and you always get different directions to get to the same place because of this. If we focuses all our gps capital on one source then we might have more accurate means of mapping.
The only thing i can think of where a monopoly would be best is in the utility services. This would be beneficial because if this market had free entry and exit then there would be times when people don't have water or electricity because the supplier might go out of business. Also, if this market was open to everyone then there could be unsafe methods in which firms may use to meet their quota.
I think the monopoly that is beneficial to society would have to be the utility service, like most people are agreeing with. There are not many of these companies that we get to choose from. The only ones that are available are the ones that are in your county or region. Prices are pretty much the same and have some government regulations, so they cannot go charging ridiculous prices.
I agree with most everyone else, that monopollies like the one that local utility companies have is wonderful for society as a whole. If we had more utility companies we would have competition and choice. If multiple firms were competing for business then firms might not be willing to spend money on research and development to find more efficient ways to provide electricity. More companies and more competition just leads to higher prices and some people would be left without power.
Gas and Utility companies are and example of monopolies today. This benefits society because the more companies there are selling the same product then the more competition there will be leading to an increase in price levels
the textbook gives the example of utility companies. it would not be efficient for cable companies to have several wires of different companies to one house. it would not only cost the company more, but the consumers will also bare the burden of higher prices.
Monopolies can be beneficial when they are government regulated in the cases of patents, copyrights, trademarks and franchises (assuming the government is not corrupt). These cases benefit society as a whole by providing financial incentives to inventors, artists, composers, writers, entrepreneurs and others to innovate and produce creative works.
Monopolies can be beneficial if they have profits because profits lead to innovation. In a monopoly, when you have profits they continue so this would lead to more innovation.
A monopoly that could be beneficial to our society is the utilities companies. By having them operate as a monopoly they are well regulated and prices are often fixed, which means for a more efficient company at a good price.
An example of a monopoly that results in greater benefits to society as a whole is the subway system. As the book describes a subway is a natural monopoly which means they are more efficient as a single firm because they can supply the entire market at a lower cost than two firms would. If there was more than one subway “it would cost twice as much to build two parallel subway tunnels than to build one” (229). However even though the cost would be twice as much the output would remain the same.
Generally, monopolies are detrimental to a society and its economy. However, there are few cases where a monopoly can be good for a society. Google is an example of a monopoly that is good for a society. Google is the main search engine and is used by almost everyone who has a computer.
Having electricity companies that are local monopolies benefits society because electricity cant be changed in quality. 12 volts of electricity is 12 volts of electricity. You cant make your 12 volts better than another person's 12 volts. Having only one company creates convenience for the customer because when their power goes out there is only one person to call. If there was competition between electric companies, then one company might go belly up and then all its customers would be without power.
One could argue that any major U.S. sports team has a monopoly that benefits society by creating affordable entertainment that any one can indulge in. They also help communities and cities grow in an economic sense as well as in other ways. They also boost a cities pride and bring people together.
A positive benefit from a monopoly would be utilities. Since utilities are monopolized locally, it allows the companies to provide efficient and acceptable energy to the citizens, without any "interruptions" or competition.
The best example of a monopoly benefiting society is the patent system. This is a system of granting groups/individuals short term monopolies on an idea/invention of theirs in order to protect their idea and encourage new inventions. This helps protect the innovators and encourages technological/etc. growth as a society.
The book used the example of a utility company as a good use of monopolistic practices. For example, it could be possible for the consumers to have the choice of several different water providers, but it would not be practical or cost effective to have several companies building dams and running pipes to different homes. In fact, investment to build such a company could actually result in higher prices for consumers.
ReplyDeleteAn example where a monopoly actually results in greater benefits would be in computers systems. It is prudent to have a standardized computer system so that the general public can use it. For example, the Microsoft Software. Although there are many types of computers, most of them use the same software, both PC's and Macs use Microsoft word, ppt, etc. It would be incredibly tedious and both time and money consuming to have many different types of software available and taught to the general public.
ReplyDeleteI think monopolies are good for sports. I know professional sports fall under the monopolistic competition category but Michael Jordan was a monopoly himself. There was only one Michael Jordan and he sold tons of tickets and merchandise. Not just sports memorabilia but Wheaties, Hanes, Nike...etc. If every NBA player could do what Jordan did, than Jordan wouldn't have been anything special. Jordan made professional basketball better in his time just as Lebron James and Kobe Bryant are doing today.
ReplyDeleteAn example of a monopoly we have discussed in class is a utilities company (like gas and electric) on a local level. We do not get to choose whom we buy energy from, but since energy is universal (electricity is electricity, gas is gas, etc.) the prices will not vary even if there were many companies. So it makes sense to just have one where we all get energy from.
ReplyDeleteAn example of a monopoly being good are utility companies. People all get the service from the same place so the company has more choices in how they run their company. This is good for people because they do not have to choose their service. Prices will be the same for everyone and the monopolistic company will be regulated by the government.
ReplyDeleteAn example of a monopoly that would benefit society could be patents. Patents give the inventor exclusive rights the market what they have invented for twenty years in order to stop other people from taking those ideas and make something else thats pretty much copied, making the prices fall. It's beneficial to the inventors.
ReplyDeleteA great example of a monopoly acting as a good benefit for society would have to be Patents. Just as we discussed in class, patents give the privilege to the public to take over any invention after a certain period of time. Thus, benefiting the society in an immense way.
ReplyDeleteAn example of a monopoly that was discussed in our notes is a utility companies.There isn't a variety of companies to choose from like there are with cell phone companies. We only have one choice for water and gas depending on your location. The price of things such as water and electricity are fixed. Even if there was more then one company, the price would remain the same because it is being supplied from one place so it makes no sense to have multiple companies.
ReplyDeleteAn example of a monopoly that benefits society as a whole would be Boeing (aircraft manufacture). The reason this benefits society as a whole is the government only has to safety check one manufacture, which allows in a much through inspection. Another way this benefits society is due to the fact that Boeing doesn't have to cheap out on the parts it uses in its aircraft to keep up with competitor prices.
ReplyDeleteJustin Miller
The example showing benefits to society of a monopoly is a utilities company. All the energy we use (electricity, gas, etc.) comes from the same place. Prices are fixed and remain around the same, so the entry of multiple companies wouldn't make the most sense. We all use energy and it is an important part of our society, but it should and probably will continue to be considered a monopoly.
ReplyDeletean example of a monopoly that would benefit people would be our utility companies. Prices for these things remain fixed. If there were several water or electric companies competing against each other it could actually raise prices for consumers. different water compaines would have to provide different pipes to homes and different electric companies would have to provide different power lines to homes as well. this would increase production cost and would therefore increase price
ReplyDeleteAn example of monopoly would be on the new gadgets that the market puts out, like the ipad or the ipod 6rd generation. People will consume these product regardless of the price. even if they where more expensive than a regular computer they are willing to pay any price it make it there's. They value the product and its well worth it.
ReplyDeleteIt has long been recognized that government-granted monopolies like patents, copyrights and trademarks can benefit society as a whole. those monopolies can providing financial incentives to inventors, artists, composers, writers, entrepreneurs and others to innovate and produce creative works. In fact, the importance of establishing monopolies of limited duration for this purpose is even mentioned in the U.S. Constitution. In addition to being for limited periods of time, such monopolies are also generally restricted in other ways, including that there are often fairly good substitutes for their products.
ReplyDeleteThe book used the example of a utility companies as an ideal monopolistic practice. It would not be cost effective to have several water utility companies building dams. First of all water levels are low which already increase prices and spreading the water out through different companies make it more expensive since they have a more limited amount of resources to work off of. Which would result in a higher price for consumers. Also electric companies building more nuclear plants would bad to the environment, which would prices to compensate for environmental problems and the competing companies. So a monopoly in utilities benefits the consumers
ReplyDeleteLike the text, in class, and what everyone else is saying a perfect example of a monopoly is utilities such as electricity and water. But since there is only one firm on the market for people to buy from there is no competition to raise prices. When it is better for the market to have a single firm than 2 the text calls it a natural monopoly. A subway is a perfect example, it would cost twice as much to build a second set of tunnels and stations, and while outputs would be the same.
ReplyDeleteAn example of where a monopoly would actually benefit society would be with railroad systems. Having one universal system would prevent chaotic railways and a significantly less amount of track needed.
ReplyDeleteI think a monopolistic advertising company such as CenC advertise. This could be good because they would network and link the whole market working together rather than harsh competition which would do good for the consumers as well.
ReplyDeleteAn example of a monopoly that benefits the society as a whole are utility companies. THey offer the same service such as gas and electricity for about the same price. There are only so many gas and electricity companies and they all compete with each other to be our service provider and therefore compete with each other on prices.
ReplyDelete-CYnthia inchuarregui
An example of a monopoly would be utility companies. They offer a good at a fixed prices. Normally,there is only one company that provides electricity to everyone which in term, benefits people because they dont have to worry about competing companies.
ReplyDeleteAn example of a monopoly that was in our notes is utility companies. Not many utility companies are available for selection such as retail stores would be accessible. There is only really one choice available for utilities depending on your location. The prices are fixed and even if there were other choices available the prices would remain the same.
ReplyDeleteAn example of a monopoly in which there are greater benefits to society as a whole, is geothermal energy power plants (alternative/renewable energy). Though the idea of recycling and finding renewable energy sources seems to be all over media outlets these days, there remains to be a very small number of companies actually dealing with harvesting energy and heat from water below the earths surface such as natural geysers and hot springs. This has lead to geothermal power plants in different parts of the United States to become more monopolized in different states and cities, as entrance into this industry is highly costly and dependent on available water sources. This intern is actually a benefit to society, as the possibility for erosion of the soil and earth where the water is extracted is a negative effect of using geothermal energy. If it were more competitive more of the earths soil would be eroded. It is also beneficial as it is a crucial electricity provider for other countries like Iceland.
ReplyDeleteSusan S
Bon Appetite on the University of Redlands has a monopolistic presence that is beneficial to the campus. It provides this small campus a place socially blend the students which, in my option, benefits the education experience. Although, having a couple different catering companies compete would be better for the miniature economy that takes place on a private campus, it is the communication, activity, and relationships that take place in that one building that really matters to a student body.
ReplyDeleteAn example of a monopoly that benefits society is the computer. Virtually everything in society is being transformed into some sort of smartphone of mini laptop where the technology from the computer is necessary in these items. Companies like Macintosh and Microsoft utilize the same software in their advancements in order to see these items. So, even though it can be argued that these companies are a duopoly, they still use the same software to the overall benefit of society
ReplyDeleteAn example of this would be an energy utilities company. They provide all the services, they have fixed prices, and generally only have one company in an area. Multiple companies joining in would not make much sense because then people would bargain hunt on something necessary. These companies help us to run our lifestyles. Having multiple electric company lines to different homes would just be hard on all companies involved including the home builders in the area because they would have to clear the digging for a new foundation with multiple different people and that would be more of a hassle. This type of industry should stay a monopoly just because it makes the most sense and it is the most productive way for both sides.
ReplyDeleteCharlie Newton
I think that an example of a monopoly that would benefit the society as a whole would be the utilities that provide us with electricity, gas, and water. It is better to only have one provider of utilities because if there were more than one, people would be paying different prices for these utilities. For example, Edision has a fix rate that they charge people for electricity. If another electricity company tried to provide electricity to people, than they would lose money because they would have to set up new power lines that probably cost a lot.
ReplyDeleteAn example of a monopoly that benefits society would have to be computer software. All computers use Microsoft word and all of the other programs that Microsoft has created. This makes it simple for people to go back and forth from different types of computers and use the same software to write a paper, make a presentation etc.
ReplyDeleteThe best example i can think of for a monopoly that benefits society is utilities. Each region only has one utility provider. That makes a lot of sense because you really dont want multiple different companies building tons of power plants, and not having interlocking piping, or extra pipes. When major problems happen it would be harder to get things fixed. Prices are also not raised ridiculously high.
ReplyDeleteJimmy Walker
an example of a monopoly coulld be if edison ever invested in saving energy by using LED in the homes, as a form of soloar energy so then every home in america would have LED that would have alot of energy to have better brightness and use less energy. that would save a lot of money for us.
ReplyDeleteElectric companies are often a localized monopoly and they seem to work well for society.
ReplyDeleteAn example of a monopoly in which there are greater benefits to society as a whole would be Edison, the electricity provider. Edison is the only provider of this service, which allow him to control the price, since electricity is a need to all the people. if there was another provider of this service prices will absolutely change, since there will be a challenge in competition between the providers, and prices will vary.
ReplyDeleteAn example of a monopoly that we talked about it in class is utility companies. Not many utility companies are available for selection, such as the different retail stores and grocery stores would be available to shop from. There is only really one choice available for utilities depending on your location. The prices are fixed and even if there were other choices available the prices would remain the same
ReplyDeleteIn one of our classes you actually went over price discrimination and how it can be good in terms of loosing the "dead weight loss" that monopolies cause. When monopolies have the tools of finding out accurately how much one is willing to pay for a given quantity its able to sell at different prices, eliminating the dead weight loss.
ReplyDeleteThe monopolization of utility companies such as local gas and electric providers benefits society as a whole. This happens because gas and electric are homogenous products and do not change at all; therefore the price will be the about the same in all locations. If there was to be competition in this industry the cost for consumers would have to be higher in order to cover the costs for building the competing facility and consumers would also have to pay for sales and marketing practices, like advertising, that would not be needed if only one company provided a utility service to one area.
ReplyDeleteDayna Wheatley
A good example of a monopolistic market that is "good" is utilities. The price for utilities is not based on competitive pricing as much as the amount that gas and water is going for as a whole all over. It would not be fare to have different companies in different areas selling at different costs for the sake of being competitive.
ReplyDeleteDanielle Wolf
One example that i found that was interesting was the idea of government agencies being a monopoly. Ranging from the military to the post offices, anything that is funded by the government is considered a monopoly. There is no real competition against these entities, because no person can start their own troop of military, or their own police force. Yet these monopolies are beneficial to the United States because they provide a reliable service for the people.
ReplyDeleteBreanna Montoya
I agree with everyone else, utilities are the best example of monopoly. It helps though because it is good to have only one specific firm working with that specific type of product. This is so that firm only focuses on that one product and is really good at it. Therefore no mistakes should be made because that firm only has one product to worry about.
ReplyDeleteBrittany McSwain
Most likely the best example of a monopoly that would could benefit society would be a utilities company. It would have one uniform cost and there would be no competition to raise prices.
ReplyDeleteThis is a very difficult question, but I would have to say the merging of XM & Sirius satellite radio. While this isn't necessarily a monopoly, the action of them merging together probably brought up some flags for "trust" agreements. If you examine their case specifically you can see that creating one and only one satellite radio provider is a greater benefit for everyone. Now XM & Sirius have more channels for the same price and less company spending. This does give them the power to raise prices as high as they want, but their market in general is elastic (for the most part). I say this only because they satellite radio was a hurting industry and this merge helped the company and the consumers.
ReplyDeleteA beneficial monopoly could be Amtrack. They have no competitors due to the difficulty of entry, and they are owned by the government so the prices could be set low if any competition should rise while still supplying a comfortable, cheap, and satisfying ride for passengers.
ReplyDeleteIt can be beneficial by lowering the prices for example: having a discount for constumers, credit cards with a freeze on the interest rate to which it needs to have the record of constumer that continues to shop, and also, what a monopoly market can do is to lower prices to get rid of the deadweight loses. As a result this should have the same marginal cost and marginal revenue like a competitive market.
ReplyDeleteThe public transportation system could be a benefit to society as a whole if it were a monopoly. For example, if it were a monopoly, there would be less competition between firms. Less competition could result in the possibility of a more set price stability, whether the public chooses to commute and travel by air, amtrak, subway or bus. Dead weight loss experienced through bus services could possibly be made up in another option of travel such as amtrak or subway.
ReplyDelete-Susan Lo
I think things like microsoft are good monopolies. If another company came out with something similar it wouldn't get used. We have always been used to Microsoft an I think people would be scared to switch over to something that they are not used to
ReplyDeleteThe book and our notes say that utilities are an ideal example of a monopoly that is beneficial to society. Competition in this industry would result in higher prices because it would become much more expensive to produce. Also, a monopoly on utilities allows the industry to price discriminate and therefore eliminate deadweight losses.
ReplyDeleteKatherine Hedd
The book and our notes say that utilities are an example of a monopoly that benefits our society. It would be pointless to have more that utility company for an area. It will just result in higher prices to produce.
ReplyDeleteAn example of a monopoly that is a benefit to society is utilities. This firm is our only provider in the area, and they do not have high prices. In a sence this is good because there is not many power plants in our areas and that would more complaints and problems.
ReplyDeleteAn example of when monopoly is beneficial to society is when there a patent on a drug. The patent helps with competition in the pharmaceutical firm by allowing other firms to discover new drugs which are good for us if there are no patents then the firms would not have the competitive drive to make and research new drugs because they can make a drug for cheap and save money because they would't have to spend millions of dollars on just research.
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ReplyDeleteI feel a good example for Monopoly is the utilities, which is an example used in class. The reason I say that is because people can not choose their provider, it is based on the location and people are charged the same rates. This is good for the society because there is no competition and high rates.
ReplyDeleteI feel a good example for Monopoly is the utilities, which is an example used in class. The reason I say that is because people can not choose their provider, it is based on the location and people are charged the same rates. This is good for the society because there is no competition and high rates.
ReplyDeleteAn example of a monopoly that benefits society as a whole I would have to say is probibly the Red Cross Foundation. They are at the top in the aid and relief going to tragic disasters around the world and seem to help society out a lot
ReplyDeleteI think that law enforcement is an example of a monopoly that is actually beneficial. Even though there are different entities, general law enforcement still operates under one umbrella. If you break it down further, you could look at the San Bernardino County Sheriff's Department compared to a specific city police Department. The county has the resources to contract out services to the different cities and save the individual cities money. When the cities contract with the county, they don't have to pay benefits, provide equipment, resources, etc... They are able to use the resources of an entire county department.
ReplyDeleteBecause a monopoly controls the cost of its product and it only worries about just making enough to cover the cost and not making such a big profit.
ReplyDeleteI think that our electric company is a good example of a perfect monopolistic competition that provides a greater public service because we all need electricity. Electricity is essential to our society therefore it results in greater public service.
ReplyDeleteI think one example of monopoly is the few water companies, because it is cheaper for the consumer to have only few companies controlling all of that, verses having several companies creating dams and whatever else is needed to get water and making it more expensive for us, as a consumer to make up for the costs they spent.
ReplyDeleteA example of a good monopoly is the utility company (as used in class) , people dont choose the company yet the government regulates the companys. This is also good cause with out all the competition the rates dont go to high.
ReplyDeleteACS
The best example i can think of that benefits our society as a whole would be utilities. Ultimately we all need electricity for our houses and we turn to the sole provider to get this. As consumers we do not have to shop around for the best prices. In return we all get one service with one set price for everyone.
ReplyDeleteAmanda Moy
An example of a good monopoly are companies dealing with utilities. A company has more choices in how they run their company because the people receiving the services all get that service from the same place. It is much easier for people to accomodate themselves because the service comes from one source. The government will regulate the monopolistic company and prices will be the same for every purchaser.
ReplyDeleteDaniel Cruz
9:20-10:30
An electrical energy monopoly can and is easily justified as a monopoly that is beneficial to society. Starting a plant for this service is a costly thing and those costs are displaced onto the price of electricity so if you have multiple companies entering this industry then they all have to displace the costs of their initial investment onto the price of the electricity.
ReplyDeleteI agree with everyone else when they say that an example for a monopoly would be utility companies. This results in greater benefits to society as a whole because there is only one available for each region and people will not have a hard time choosing which company to use; more companies would mean more competition and higher charges because more money would be needed to produce them.
ReplyDeleteI think an example where a monopoly actually results in greater benefits to society as a whole would be if there was only one source of global navigation in the world. Currently we have many different kinds and you always get different directions to get to the same place because of this. If we focuses all our gps capital on one source then we might have more accurate means of mapping.
ReplyDeleteThe only thing i can think of where a monopoly would be best is in the utility services. This would be beneficial because if this market had free entry and exit then there would be times when people don't have water or electricity because the supplier might go out of business. Also, if this market was open to everyone then there could be unsafe methods in which firms may use to meet their quota.
ReplyDeleteI think the monopoly that is beneficial to society would have to be the utility service, like most people are agreeing with. There are not many of these companies that we get to choose from. The only ones that are available are the ones that are in your county or region. Prices are pretty much the same and have some government regulations, so they cannot go charging ridiculous prices.
ReplyDeleteI agree with most everyone else, that monopollies like the one that local utility companies have is wonderful for society as a whole. If we had more utility companies we would have competition and choice. If multiple firms were competing for business then firms might not be willing to spend money on research and development to find more efficient ways to provide electricity. More companies and more competition just leads to higher prices and some people would be left without power.
ReplyDeleteGas and Utility companies are and example of monopolies today. This benefits society because the more companies there are selling the same product then the more competition there will be leading to an increase in price levels
ReplyDelete--Oakford Gross
the textbook gives the example of utility companies. it would not be efficient for cable companies to have several wires of different companies to one house. it would not only cost the company more, but the consumers will also bare the burden of higher prices.
ReplyDeleteMonopolies can be beneficial when they are government regulated in the cases of patents, copyrights, trademarks and franchises (assuming the government is not corrupt). These cases benefit society as a whole by providing financial incentives to inventors, artists, composers, writers, entrepreneurs and others to innovate and produce creative works.
ReplyDeleteMonopolies can be beneficial if they have profits because profits lead to innovation. In a monopoly, when you have profits they continue so this would lead to more innovation.
ReplyDeleteA monopoly that could be beneficial to our society is the utilities companies. By having them operate as a monopoly they are well regulated and prices are often fixed, which means for a more efficient company at a good price.
ReplyDeleteAn example of a monopoly that results in greater benefits to society as a whole is the subway system. As the book describes a subway is a natural monopoly which means they are more efficient as a single firm because they can supply the entire market at a lower cost than two firms would. If there was more than one subway “it would cost twice as much to build two parallel subway tunnels than to build one” (229). However even though the cost would be twice as much the output would remain the same.
ReplyDeleteGenerally, monopolies are detrimental to a society and its economy. However, there are few cases where a monopoly can be good for a society. Google is an example of a monopoly that is good for a society. Google is the main search engine and is used by almost everyone who has a computer.
ReplyDeleteHaving electricity companies that are local monopolies benefits society because electricity cant be changed in quality. 12 volts of electricity is 12 volts of electricity. You cant make your 12 volts better than another person's 12 volts. Having only one company creates convenience for the customer because when their power goes out there is only one person to call. If there was competition between electric companies, then one company might go belly up and then all its customers would be without power.
ReplyDeleteOne could argue that any major U.S. sports team has a monopoly that benefits society by creating affordable entertainment that any one can indulge in. They also help communities and cities grow in an economic sense as well as in other ways. They also boost a cities pride and bring people together.
ReplyDeleteNick Tellier
A positive benefit from a monopoly would be utilities. Since utilities are monopolized locally, it allows the companies to provide efficient and acceptable energy to the citizens, without any "interruptions" or competition.
ReplyDeleteChaun Calvin
The best example of a monopoly benefiting society is the patent system. This is a system of granting groups/individuals short term monopolies on an idea/invention of theirs in order to protect their idea and encourage new inventions. This helps protect the innovators and encourages technological/etc. growth as a society.
ReplyDelete