1) an industry/market/etc. that either is a monopoly or has monopolistic features to analyze for this problem.

• What is the good or industry that you selected?
• What barriers to entry prevent or restrict competition?
• What benefits are there to this being a monopoly?
• What drawbacks are there to this being a monopoly?

2) When we look at monopolists, we see they can charge higher prices and produce lower quantities of goods than market competitiors. A by-product of this is they do not have to worry about customer service, or may even be able to take it easy on quality control.

Think of a pair of markets that can demonstrate this. One being more competitive, the other being more monopolistic.

• Describe the markets you choose
• From the consumer perspective, how do different customers have different experiences with each of the firms?
• Are the profit margins very different between the two firms?