Imagine monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
Select a non-monopolized product or service with which you are familiar and determine how the consumption of that product or service would differ if it were controlled by a monopoly.
How to set prices:
The type of product to monopolize is computer software through price discrimination. This is whereby the product can be sold to students at a special price through the restriction to students who have student identification requirements whenever they go and purchase the product. This is because the suppliers of this type of product know that it would be difficult to maximize profits when selling to students. This helps the monopolist to create goodwill and to be benevolent whenever the students are happy when they purchase the products at a lower price. The students would be discouraged from selling the product ...
This solution explains how to set up the prices for a product when trying to monopolize that product market. Additionally, this solution outlines how a non-monopolized service would be affected if it were controlled by a monopoly. Two reference sources are included.