Monopoly types
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BellringerBellringer1. How many players win the 1. How many players win the
game “Monopoly” if you game “Monopoly” if you play it until the end?play it until the end?
No we won’t be playing it in No we won’t be playing it in this class.this class.
2.2. How many How many suppliers sell sell lunch here at Pueblo?lunch here at Pueblo?
3.3. How would things change How would things change if TUSD allowed multiple if TUSD allowed multiple
sellers during lunch?sellers during lunch?4.4. Get out your notes:Get out your notes:
Cornell notes topic:Monopolies
4 Market Structures4 Market Structures
MonopolyMonopolyMonopolistic Monopolistic CompetitionCompetition
Perfect CompetitionPerfect CompetitionOligopolyOligopoly
MonopolyMonopoly A market for a A market for a
good/service with good/service with oneone dominate sellerdominate seller
Firm has Firm has totaltotal “pricing “pricing power”power”
Has extremely high entry Has extremely high entry costs, OR impossiblecosts, OR impossible
Types of surplusTypes of surplus Consumer surplusConsumer surplus: difference between : difference between
budget and actual pricebudget and actual price
Producer surplusProducer surplus: difference between : difference between cost and price (really just profit)cost and price (really just profit)
Budget:$50
Actual:$40
Draw less supply on Draw less supply on boardboard
What happens to CS?What happens to CS?
Price DiscriminationPrice DiscriminationThink/Pair/Share
Examples?Senior discountStudent discountEbay
Santa Barbara, CASanta Barbara, CA
ArgentinaArgentina
Types of MonopolyTypes of Monopoly GeographicGeographic Only firm in a Only firm in a
certain areacertain area FencesFences Small townsSmall towns Other example?Other example? Draw PEST Draw PEST
change on change on boardboard
Types of MonopolyTypes of Monopoly
GovernmentGovernment Granted by the Granted by the
governmentgovernment ““public utilities”public utilities” Reasoning?Reasoning?
Types of MonopolyTypes of Monopoly
TechnologicalTechnological Due to Due to
technologytechnology (Patents)(Patents) (Copyrights)(Copyrights) Software, Software,
biotechnology, biotechnology, artisticartistic
Reasoning?Reasoning? examplesexamples
Group skits on the 3 types of Group skits on the 3 types of monopolymonopoly
GeographicGeographic TechnologicalTechnological GovernmentGovernment Rules:Rules: Each group member must talkEach group member must talk 0 if you say that name of your type0 if you say that name of your type Must show the effect monopoly has on Must show the effect monopoly has on
pricesprices +5 QE if every group is able to guess +5 QE if every group is able to guess
your typeyour type
On your BROn your BRName the type of monopoly & Name the type of monopoly &
whywhy4.4. Fernanda designs a new game appFernanda designs a new game app
5.5. Popcorn at Harkins movie theaterPopcorn at Harkins movie theater
6.6. Interstate Highways like I-10 or I-19 Interstate Highways like I-10 or I-19
7.7. The only mechanic Ajo, ArizonaThe only mechanic Ajo, Arizona
8.8. School lunches at PuebloSchool lunches at Pueblo
9.9. Snacks in certain Pueblo classroomsSnacks in certain Pueblo classrooms
10.10. Secret recipe for GatoradeSecret recipe for Gatorade
11.11. US militaryUS military
12.12. Tucson Water CompanyTucson Water Company
13.13. Expensive soda at a baseball gameExpensive soda at a baseball game
Closure questionsClosure questions
4. Why do economists worry about 4. Why do economists worry about monopolies? (hint: think about prices)monopolies? (hint: think about prices)
5. Why are technological monopolies 5. Why are technological monopolies allowed to exist? (think about allowed to exist? (think about creative businesses)creative businesses)
6. Do you think government monopolies 6. Do you think government monopolies are always positive for consumers? are always positive for consumers? (consider our school lunches, or the (consider our school lunches, or the AZ MVD)AZ MVD)
Geographic
Government
Technological
Geographic
Government
Technological
Geographic
Government
Technological
Geographic
Government
Technological
Geographic
Government
Technological
Geographic
Government
Technological
Min Wage reading Min Wage reading questionsquestions
1.1. Graph paragraph #2Graph paragraph #2
2.2. How do employers react to min. wage How do employers react to min. wage increase? (pg 3-4)increase? (pg 3-4)
3.3. How does the author think employees will How does the author think employees will to react to getting the low skilled jobs? (pg to react to getting the low skilled jobs? (pg 6-7)6-7)
4.4. Would the author support reducing the Would the author support reducing the minimum wage for people aged 15-20?minimum wage for people aged 15-20?
5.5. Using your S/D graph, describe of 2 Using your S/D graph, describe of 2 benefits to the economy if the minimum benefits to the economy if the minimum wage was reduced for people aged 15-20.wage was reduced for people aged 15-20.