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Hence, they represent the market. They indeed have detrimental effects on consumer and social welfare.
In this paper, section 1 will focus on the theory and economics of a monopoly. Section 2 will discuss with a recent case of monopoly, as in the web search engine company- Google, whose real repercussion is still not clear to most consumers. Finally this essay will conclude with the outlook on how world markets are opening up to each other and how competition and new government policies are restraining the growth of monopolies and their incessant power.
1 Theory and Economics of a Monopoly
In theory, monopoly can be defined as the presence of a single firm in an industry or a number of firms sharing the majority of the market -An Oligopoly (Sloman, 2005)...
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