What is market power and what is an oligopoly

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1. What is market power? What is an oligopoly? How are the two related?

2. I have a summer home in western Michigan. If I want to have internet service, I can buy it from Comcast.....or not have it. Is this a monopoly?

3. Are monopolies a good idea? Why? Why not?

4. When my oldest son was going into his freshman year of college, he had to travel to Providence, RI. I looked at airfares, and the cost was $600-$700 round trip. The airlines were United and American. A month before he left, Southwest introduced service into Providence for $200 round trip. What do you think happened to the prices the other airlines charged? Why?

Reference no: EM131090314

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