Expert Answer :Economics discussion


Solved by verified expert:Attached is an article – an old one from the WSJ dating to 2000. It is one of the better ones available on one of the best known monopolies of its time. You will read the article, answer the question using course content and the internet, and then respond to at least tow other students. Your responses to other students will be graded using the discussion board Rubric, so please refer to it (look to the left – it’s on the tabs). I have attached the article:monopoly article.pdf I am also including the link in case the pdf doesn’t open up. The sum of points for answering the questions is 55. Responses to at least 2 other students are worth 10 points total.1.List the characteristics of a monopoly. ( 4 points)2. What good or service did De beers have a monopoly in? (1 points)3.What are the reasons De Beers was able to create and maintain a monopoly for as long as it did? (5 points)4.According to the article, what were the reasons De Beers started to lose its monopoly? (5 points)5.What some of the strategies that De eers has adopted to maintain market share – some of this is in the article and some you will want to google. You don’t need to search excessively. Any recent article on De beers will reveal what steps the company has taken since 2000 to maintain market share. (10 points)6. When De Beers had a monopoly, could it have set the price of diamonds as high as it wanted to regardless of the market/ Explain your answer (please check your chapter reading as well as the article for answers) (10 points)7. What is the difference between price fixing and price discrimination? ( 5 points)8. How is monopoly similar or different to perfect competition? (5 points)9. How is monopoly simiar or different from oligopoly? (5 points)10. How is monopoly similar or different from monopolistic competition? ( 5 points)

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