This course has been very enlightening, which I found very surprising as this is the third microecon course I've taken! But every course dives a little further and uncovers a little more about the economic structures that affect us every day. What I found very interesting this time around was the topic of monopolies, mainly how they form and how having a few select monopolies can actually benefit the vast majority of people.

When it comes to monopolies, I usually envision oil barons like Carnegie and Rockefeller. Titans of industry, crushing competition underfoot and holding a singular stranglehold on their respective market. But with many anti-monopoly laws now in place, the modern monopoly could be your national electric company, working hand and hand with the government to provide cheap electricity to the country, or in businesses like satellite radio, a market with only one major business offering it's services.

Now granted, even in our modern age monopolies can still affect us negatively, especially depending on your location. The overpriced internet in your neighborhood may be the only option you have, and your town's public transport system may be the only way you can get around without a car. But many times, due to economies of scale, a regulated monopoly may be the most efficient way to allocate our limited resources.

• Comment on the conclusions that was drawn about monopolies and add your own observations regarding the selected microeconomic tools or principles discussed.
• Discuss how monopolies would apply to yourself or your current or future work environment.

(Please provide references)