EFFECT OF COMPETITION & PRICE SETTING-

Look around the town or city in which you live and try to find a local business that appears to enjoy some degree of monopoly power (It does not have to be a pure monopoly: one unique product and one seller). Briefly describe the nature of this business and explain some of the factors that give it monopoly power. To what extent do you think the business is charging a fair price for what it offers? If you were to buy this business, what are some practical things you would do to strengthen your monopoly situation?