There are many different types of oligopolies in the market economy. Give an example of an oligopoly and explain how they are different from a monopoly. Why do governments create certain monopolies? What are some examples of modern-day monopolies/duopolies?
Economic theory says a monopolist earns premium profits by restricting output and raising prices. This only occurs after the monopolist prices out or legally restricts any competitor firms in the industry. However, there is mixed historical evidence that natural monopolies formed before the Sherman Anti...