How does affect perception of a monopoly

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Q. Do monopolies really exist in 'real' world?? Or, is perception of a monopoly a display of a limited perspective when it comes to development of alternatives to what Supposed monopolies provide? How might existence of monopolies spur innovation of new products and services to supplant their monopolistic position?

In second half of 19th Century in USA, railroads were considered to have monopolistic power. Why? How? And, what happened? How does definition of a market, or for that matter, a business strategy, affect that perception of a monopoly?

Can monopolies charge whatever price y want? Why or why not? Let's discuss pricing policies of monopolies. How do they contrast with pricing policy of a pure competitor?

Reference no: EM1369574

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