As I was reading through chapter 8 of the textbook, the idea of a current Monopoly really struck me. Apple. The idea of a monopoly is that they have market power. Or more generally, they have they power to block entry for other companies trying to enter the market. Monopoly set prices in the market by by setting the price, and letting the market determine how much to by. Or they decide how much to sell and let the market determine the price at which they will buy the quanity.
In an article I read, Apple has been compared to Microsoft as being a Monoploy, holding the seller pricing power, and putting up barriers for others to enter the market. The basic idea is that Apple (i-tunes) basically holds all the market power in that industry. The article is unbasis because it also states a different point of view; i-tunes as a monolopy killer. It was interesting for me to look at both sides of Apple and think about what it means to be a Monopoly, and if in fact Apple (i-tunes) is one.
The article states, "A monopoly does not refer to the popularity of a product, but rather the control of a market."
The article is mainly about Apple, but it also refers a lot to Microsoft, and what happens to the market when a Monoploy goes bad. It takes apart the myth of Apple being a Monoploy or a failure. Here is the URL for the article if anyone wants to check it out. http://http://www.roughlydrafted.com/RD/Home/E36929A1-EA70-493B-B823-DCCEA85DAF54.html