When we consider monopolies, it is interesting to note that in the long run, most perceived monopolies do have to compete with other monopolies. That is, if my electric company is bad, I can move to another electric company’s zone. Consider the short run where it may not be an option to simply move to an area served by another company.
Identify a monopoly that is prevalent in your life. Is it a natural or legal monopoly? How do consumers benefit from your monopoly being a monopoly? What are some drawbacks?