Defines & discusses types of monopolies, & uses AT&T as an example.
Written in 1987; 1,350 words; 3 sources; $ 47.95
From the Paper:
"A monopoly is a single firm that produces a product for which there is no close substitute and which dominates its market (Byrns, 1987). This means that there are no other firms that make a similar product (or service). Consequently, the monopoly firm constitutes the entire industry, and makes for a 'pure monopoly.' A buyer who wants this particular product must either buy it from the monopolist or do without it.
'Pure monopolies' are relatively rare, but they do exist (Byrns, 1987). Local electric, gas, and water utilities are good examples, since they produce a product for which there are no close substitutes. But a firm's degree of monopoly may vary (...)"
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