Question

1.Example where consumers are okay with monopolistic companies in tech space as there is no high prices charged which makes consumers worse off .

2. Have Netflix/Google not exploited monopoly benefits so far making them trustworthy brands ? State the example and source.

3. Give an example where government protected monopoly leads to profit maximisation and charges exorbitantly higher prices with government autocracy making it least efficient.

Answer 1

THE EXAMPLES IS : LATEST MOBILE PHONES:
It is technically high and high in demand in all the consumer preferences and therefore it is the good example where the existence of monopoly is there and there is the limitation of the high price in the economy.
2- Netflix and Google do not exploited the monopoly brand – it is a true example, because the series of the products of these brands is on the basis of consumer satisfaction and they allowed others to work on the same platform for the better benefits.
So here the true example is the existence of other platform of same content work with Netflix and Google. Like – yahoo, amazon prime.
3- weapon manufacturing industries are the best example where government protected monopoly leads to profit maximisation and charges exorbitantly higher prices with government autocracy making it less efficient.
These company’s are worked on the basis of protection and shelter by the government.