We have all been "ripped off" in an economic transaction. A transaction where we have felt powerless and the other party knows this and exploits their power. If we are the buyer, we end up paying a price we know is far higher than their marginal cost and/or the quality and service associated with the purchase is horrible. Foundationally, our problem is that we are dealing with a seller who has monopoly power. I would like you fully describe a personal economic transaction of this sort. What is the source of the monopoly power in your example, and how was it used? Will this monopoly power last? Why or why not? And, lastly, should there be government intervention to address this? Why or why not?