Despite the fact that there aren't many examples of completely competitive markets in the real world, we nonetheless compare different market systems to the paradigm of perfect competition. Do you know of any real-world instances of monopolies? Describe something that you think would fulfill the definition of a monopoly and explain why it does so.

Is your illustration a real, unchecked monopoly? (For instance, Microsoft has been referred to as a monopoly, although technically speaking, it isn't because it isn't the only producer of computer operating systems.)

What can we learn from analyzing such market structure if there aren't many actual monopolies?