Monopoly is No Game! Answer

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Monopoly is No Game!

Do you think this issue is related to the characteristics of a monopoly? Yes, how? If no, how are the two concepts different?

https://www.youtube.com/watch?v=6jKl-SgJQVc

 

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Monopoly is No Game! Answer

I don’t think that price gouging is related to monopoly, in particular, the situation in the video is not a monopoly. As defined, price gouging is a situation of illegal charging of higher prices of the commodity during emergencies. On the other hand, monopoly is characterized by a situation wherein there is a single seller who has direct control on the market share and can control the price level due to high barrier to entry.

 

This question is taken from Econ 001 – Microeconomics Principles » Sumer 2021 » Discussions