Question

pretend that you are an editorialist, and write an editorial considering whether or not you believe that monopolies should be illegal and defend your argument using pertinent economic theory.

Answer 1

According to me , I believe that monopolies should not be considered illegal because satisfying unlimited human wants with limited resources if we decalar monopolies illegal there will such a big loss in economy and to peoples too. Monopoly market made by a huge capital and by more number of peoples .Mostly monopoly market are regulated by government itself because very few peoples have huge capital and labours force ,and after having all the things a person or organisation can not enter in monopoly market because there is restrictions in entering the new firms and exists from the existing firm.

If monopolies are washed from the market or declared illegal some comforts and needs remain unsatisfied.

For example- In india ,Railways have monopoly and now think if there is no railways the people of this country unable to move from one place to another place , the transportation of goods would not able to happen,and so many problems ,etc....

Still monopoly market sometimes exploit there consumers with price discrimination,price gouging etc but if we want to satisfy our need with limited resources we have to accept monopoly , and in current scenario I don't think any country declare monopolies illegal.

So, according to me monopolies are fully legal .