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The Unquestioned Monopoly

  • Article
  • Sep 22, 2022
  • #Economics
Josh Hendrickson
@RebelEconProf
(Author)
pricetheory.substack.com
Read on Substack
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You are reading Economic Forces, a free weekly newsletter on economics, especially price theory, without the politics. You can support our newsletter by signing up here: We spend a... Show More

You are reading Economic Forces, a free weekly newsletter on economics, especially price theory, without the politics. You can support our newsletter by signing up here: We spend a lot of time at Economic Forces discussing monopoly. There is a lot to write about. For example, the concept of a monopoly seems easy enough to write about. A monopoly is a firm that is the only producer of a particular product. However, if you push on the definition of monopoly, things get a little murky. Does Coca-Cola have a monopoly? Well, yes they do. They are the only firm that produces Coca-Cola. The recipe is a secret. No one else can make Coca-Cola. But can we really say that Coca-Cola is a monopoly? Doesn’t the firm face competition from Pepsi? In fact, one might argue that Coca-Cola faces competition from any type of drink.

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Lawrence H. White @lawrencehwhite1 · Sep 29, 2022
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Highly recommended.
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