Perfectly competitive markets

Full Answer Section These are just a few examples of monopolies in the real world. It is important to note that not all monopolies are created equal. Some monopolies, such as De Beers, are true, unregulated monopolies. This means that there are no other companies that produce the same product, and the monopoly has complete control over the market. Other monopolies, such as Google, are not true monopolies. There are other companies that produce similar products, but Google has a lot of market power because it is the most popular search engine. We can learn a lot from studying monopolies. First, we can learn about the potential problems that monopolies can cause. Monopolies can charge high prices, reduce innovation, and stifle competition. Second, we can learn about the ways that governments can regulate monopolies to protect consumers. For example, governments can break up monopolies, regulate prices, or require monopolies to share their technology with other companies. Even though there are few true monopolies in the real world, studying monopolies can help us understand the potential problems that monopolies can cause and the ways that governments can regulate monopolies to protect consumers.

Sample Answer here are some examples of monopolies in the real world:

• De Beers: De Beers is a diamond mining company that controls about 75% of the world's diamond supply. This gives De Beers a lot of power in the diamond market, and it can charge high prices for diamonds.
• Intel: Intel is a semiconductor company that controls about 80% of the world's market for microprocessors. This gives Intel a lot of power in the microprocessor market, and it can charge high prices for its products.
• Google: Google is a search engine company that controls about 90% of the world's search engine market. This gives Google a lot of power in the search engine market, and it can charge high prices for its advertising services.