DISCUSSION QUESTION:

• Point out one product that you believe is produced by a pure monopoly firm (or a firm with a high degree of monopoly power).
• Is it a local, regional or national monopoly?
• What are some of the Barriers to Entry into this industry?
• For the product listed, list substitute(s) for this monopoly.
• Demonstrate how the relative closeness of the substitutes listed determines, to a large degree, effective limits to the monopoly power of these firms.