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Monopolize the market for a good or service

ECO 101 WEEK 5 DISCUSSION Discussion 1 “Monopoly” Please respond to the following: a) Discuss the strategies and actions (either legal or illegal) a firm could employ to monopolize the market for a good or service. Explain why this would be so drawing on the concepts discussed in Chapter 9 (monopoly). b) Discuss a best practice that would apply to a monopolist in any market. Explain why you support it as a best practice. Discussion 2 “Monopolistic Competition and Oligopoly” Please respond to the following: a) Discuss the single biggest competitive advantage a firm in such a market could have. Explain your rationale. b) Discuss the likely economic outcome if all markets were oligopolistic. Provide specific examples to support your response.