9. Monopoly and Competition

9. Monopoly and Competition

Introduction to Microeconomics

11/02/2010 12:00AM

Episode Synopsis "9. Monopoly and Competition"

The words monopoly and competition have been changed. Competition meant rivalry or competing, either active or potential.  Businesses do not like this. Monopoly meant a grant of privilege by the government. It now means a falling demand curve. Government creates crazy regulations and the market works to get around them. Cheaper consumer products are better. It's difficult to sustain quotas - cartel agreements; everybody cheats. Cartels break up in the free market unless government intervenes and props them up.Part 9 of 14. Presented in 1986 at New York Polytechnic University.

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