Kevin Edminster

Econ 2010
Understanding Monopolys
The importance of studying and understanding monopolys can not be overstated. The reason that
economist and house holds alike should study about monopolys is to learn how they come to be, how
they operate in the market system, and the effects they can have on the economy as a whole. The
people that need to learn about monopoly's the most however are the people in the Department of
Commerce because it is their job to watch the market sector and ensure that companies do not form
monopoly's. By studying and understand how monopoly's function the people in The Department of
Commerce can prevent companies from acquiring to much influence and monopolizing certain sectors
of the economy. They do this so that consumers are allowed to retain the freedom of choice and also so
that there are enough competing producers to form a competing market which is a key stone to the free
market system we try to live by.