Write 3 page essay on the topic Monopoly: Definition and History.
During the 17th-18th century, it was believed that all monopolies would be broken by the entrance of competitors in the market except those supported by the government. The governments tried to keep the competitors away from these monopolies through the introduction of certain policies and measures. Even today, many monopolies are dependent on government policies especially in the United States. Monopolies existing without favorable government policies are due to the smallness of markets rather than polices. Other reasons for the existence of monopolies include some new technology or innovations in the market. Today, economists try to restrain the government from granting exclusive rights and privileges to businesses and creating more monopolies. Another key point in this article is that the concept of a monopoly is changing as economists have come up with new terms such as oligopoly and monopolistic competition. Traditionally, monopoly was thought of as a single supplier with few rival competitors. However, today the economists are viewing the concepts of competition and monopoly differently. The new concepts of perfect competition and oligopoly are gaining support due to the benefits of competition for the society as a whole. In this article, two major economic concepts have been used including demand and supply as well as various forms of market structures. The concept of demand and supply in relation to this article could be understood with the help of an example.
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