Are there any firms that are really true monopolies

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June 8th, 2024

Are there any firms that are really true monopolies? That is, there is absolutely no substitute for what the firm is offering? Can you give me an example of some firm that might come close to being a real and true monopoly? Knowing that the definition of “market power” is, do you think it’s possible for a firm to be a monopoly and NOT have market power? Why or why not? And then, do think it’s possible for a firm to NOT be a monopoly and have a LOT of market power? Why or why not?

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