Bolun Chen STUDENT NAME 1251849 STUDENT NUMBER:

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LANG 0008

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TEXT RESPONSE JANE CURSITER

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Comparative Critical Review: “Monopoly”

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2136 (without references) 12th May 2013

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SIGNED: Bolun Chen (A typed name is fine) DATE: 12/05/2013

Comparative Critical Review: “Monopoly”

By most accounts, a majority of so-called private and public utilities including software, transportation, natural resources such as petrol and financial institutions among some small-scale patent firms have been granted governmental franchise monopolies in recent years. Holding such a dominant position in a market, this legal right, Monopoly - as distinguished from sellers in a competitive market - arbitrarily decides the price of their commodity unlikely being a price taker as it dose as a seller in such a competitive industry. Alternatively, these monopolists are inclined to determine the quantity of goods and services sold at a profit-maximized price, leaving it to consumers to consider how many products are needed to purchase. Due to these monopolistic phenomena around the world, many arguments about the merits and harms to society have been caused. This critical review examines two sources which aim to introduce the concept of monopoly and the measurement of monopoly power. The first source is the chapter 12 of “Foundations of Economics” by Andrew Gillespie (24 Mar 2011); the second source is “SparkNote on Monopolies &Oligopolies” (http://www.sparknotes.com/economics/micro/monopolies/) by

Sparknotes Editors. Whereas the book