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Running head: RESEARCH PAPER1A Monopoly MarketAshley CoxECO-330Indiana Wesleyan University
RESEARCH PAPER2A Monopoly MarketA monopoly market is defined as a market where a specific company is the only seller of aproduct with no adequate substitutes available to consumers (Mankiw, 2016). Within a monopolymarket, one specific company is the sole provider of a good or service. This allows consumers noother options other than to buy from this one organization or not buy at all. Given that there isonly one provider in a monopoly market, this seller possesses full control over that domain.A monopoly market has many effects on businesses and consumers, some are pros andsome are cons. The question is, overall, are monopolies good or bad for our society? Is this just amatter of opinion? Is it dependent upon specific circumstance? What classifies and identifies abusiness as a monopoly?
RESEARCH PAPER3which only a few sellers offer similar or identical products (Mankiw, 2016). Monopolisticcompetition is defined as a market structure in which many firms sell products that are similarbut not identical (Mankiw, 2016). Each of these markets are classified as imperfectlycompetitive.

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Term
Fall
Professor
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Tags
Economics, Monopoly, Mankiw, monopoly market

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