Monopolies by Cassandra Wedin https://padlet.com/cwedin/msvzlmao7v5v6crg Cassandra Wedin, Hour 5 en-us 2023-05-11 17:50:22 UTC 2026-02-28 03:46:20 UTC hello@padlet.com - No competition cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587591253 2023-05-11 17:54:19 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587591253 - Product has no close substitutes cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587595972 2023-05-11 17:58:05 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587595972 - High barrier to entry cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587596810 2023-05-11 17:58:44 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587596810 - Standard Oil, most famously, controlled the entire oil market during the Gilded Age. It bought all of its competitors, and soon, it had sole control over the oil market in the United States cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587601918 2023-05-11 18:02:45 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587601918 - In a town, there is only one veterinary clinic. Because these clinics must be owned by a licensed veterinarian, and it takes about eight years to get a doctorate of veterinary medicine, as well as the money for those eight years of college, the veterinary market has a high barrier to entry. Therefore, the one clinic has a local monopoly. cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587608935 2023-05-11 18:08:28 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2587608935 - The seller does not have to compete with other businesses cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589040242 2023-05-12 18:09:24 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589040242 - The lack of competition makes it harder for sellers to identify the proper market price cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589040971 2023-05-12 18:10:12 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589040971 - Production is organized cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589044820 2023-05-12 18:14:35 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589044820 - If the company goes under, the area it was serving no longer has access to an entire market cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589045381 2023-05-12 18:15:13 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589045381 - Monopolies for necessary goods such as medicine can quickly make their prices skyrocket cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589046123 2023-05-12 18:16:00 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589046123 cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589049078 2023-05-12 18:19:13 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589049078 X-Cell Energy has a local monopoly in Minnesota. Because of this, we are all connected to one power grid, and energy is distributed at a largely affordable price through the entire state cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589050856 2023-05-12 18:20:44 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589050856 Currently, insulin prices are going up. If a company that produces insulin has a monopoly in a certain area, then they can charge nearly any price they want because people will buy it no matter what. Because of this, many people are unable to afford the insulin they need to survive. cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589053020 2023-05-12 18:22:57 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589053020 Which would count as a monopoly? cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589058560 1. A grocery store in a big city
2. A company that manufactures and sells screwdrivers
3. A small-town doctor
4. A pawn shop in the suburbs]]> 2023-05-12 18:29:15 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589058560 cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589060813 2023-05-12 18:31:58 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589060813 cwedin https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589223549 2023-05-13 00:03:26 UTC https://padlet.com/cwedin/msvzlmao7v5v6crg/wish/2589223549