A monopoly is a firm that is a sole seller in a market. Monopolies can decide to set different prices for different consumers through price discrimination. In monopolistic competition, there are many firms that sell products that are similar but not identical.
First, play the simulation game Price Discrimination in the MindTap environment. In this discussion, you will share your experiences playing that game. Your work in this discussion will directly support your success on the course project.
In your initial post, include the image of your simulation report in your response. See the How to Submit a Simulation Report Image PDF document for more information. Then, address the following questions:
Explain which types of market inefficiencies derive from monopolies. Use examples from the textbook to support your claims.
Describe the types of inefficiencies that derive from monopolistic competition. Use examples from the textbook to support your claims.
How are monopolies and monopolistic competitive firms profitable? Use examples from the textbook to support your analysis.
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A monopoly is a company that is the only seller in a market. Price discrimination allows monopolies to set different prices for different consumers. Many enterprises in monopolistic competition sell products that are similar but not identical.
First, in the MindTap environment, play the simulation game Price Discrimination. You will share your gaming experiences in this conversation. Your participation in this discussion will directly contribute to your achievement on the course assignment.
Include an image of your simulation report in your initial post’s answer. For further information, see the How to Submit a Simulation Report Image PDF paper. Then, respond to the following questions:
Describe the various types of market inefficiencies caused by monopolies. Make use of textbook examples.
