We’ve observed that there are few examples of perfectly competitive markets in the real world, yet we use the model of perfect competition as a comparison with other market structures. Can you think of any examples of monopoly in the real world? Describe something you believe could possibly called a monopoly and explain why it fits the characteristics of a monopoly.

Is your example a true, unregulated monopoly? (For example, Microsoft has been called a monopoly, but it is not the sole producer of computer operating systems, so strictly speaking it’s not a monopoly.)

If there are few true monopolies, what can we learn from studying that market structure?