According to Webster , to have a monopoly is to have exclusive ownership, possession, or control. The following essay is an examination of Microsoft in comparison to this definition and another commonly known monopoly, Standard Oil. Also attention will be given to the necessary role of and problems with monopolies.
Competitive Market vs. Monopoly
A competitive market consists of many buyers and sellers. Markets thrive because an equilibrium price is established through natural competition and no single buyer or seller can affect that price. …
