Essay about Monopoly - 1378 Words

Monopoly in a Stratified Society Introduction to Sociology Fall Semester, 2013 Monopoly in a Stratified Society Introduction to Sociology – Fall 2013 In an interactive lesson designed to illustrate the effects of social privilege within a class system, four individuals played two 60-minute games of the board game Monopoly. The purpose of the exercise is to provide students with an opportunity to observe multiple sociological concepts and apply learned theory to support the analysis and conclusion of their observations. The first round used traditional rules of play included with the commercial game. The second round rules, recording and reporting procedures and specific empirical methodology guidelines discussed herein are†¦show more content†¦The player represeting the upper class attempted to help by spontaneously offering the working class player a previously purchased piece of property at face value. The upper middle class player however, still owned the final block, so this alturistic gesture offered little comfort without his cooperation. The upper middle class had secured ownership of all railroads and utilities ea rly in the game. The income from these investments eliminated his need to cooperate, but his choice not to resulted in bickering between the two players. This relationship, analogous to Marx’s class conflict, provided another opportunity to observe the negative effects of a social system divided by class. (Kendall, 2013, p. 223) If the purpose of this experiment was to provide students with an opportunity to observe the effects of a stratified society on its members, the experiment was successful. The most interesting and telling observation comes from the comparison of collective contentment between the two games. When players’ perceived all things equal, as in the first game, total domination of a single player was Page 3 of 6 Monopoly in a Stratified Society Introduction to Sociology – Fall 2013 internalized as fair, and each player still appeared to want to continue to play. Any previous experience with Monopoly would presume the player in the lead had already won, but players’ still possessed hope that the luck wouldShow MoreRelatedThe Monopoly And Monopoly Industry1565 Words   |  7 Pagesthought about direct impact from monopoly and oligopoly industries? The structure of a monopoly based industry exemplifies one seller in the entire market. On the other hand, the concept of an oligopoly industry illustrates few sellers that have the potential of making a direct impact in one single industry idea. The economy has depended on the market share of a monopoly and an oligopoly trade. However, a monopoly industry differs from an oligopoly industry due to a monopoly competitor dominates a majorityRead MoreWhy Monopoly Is Monopoly?1741 Words   |  7 PagesMonopoly Maintenance is the monopolist s ability to use tying and foreclosure to increase future profits by deterri ng entry of efficient firms into the monopolist s primary market and newly emerging markets. It is the strategic use of tying to deter the entry of efficient firms that raises the most interesting and difficult public policy. One way to maintain a monopoly is by tying or bundling. Tying may be by an insecure monopolist to maintain its position in the tying product market. For instanceRead MoreThe Economic Theory Of Monopoly And Monopoly1097 Words   |  5 Pageslight of the economic theory of monopoly and oligopoly? 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A monopoly is a market structure in which there is only one supplier of a product and/or service for which there is no competition or close substitute – a true testament to its Greek meaning. This single seller may be in the form of an individual owner or a single partnership or a joint stock company. This paper will take a closer look at the Monopoly Market StructureRead MoreEssay on Monopoly2025 Words   |  9 PagesMonopoly INTRODUCTION Monopoly is an economic situation in which only a single seller or producer supplies a commodity or a service. For a monopoly to be effective there must be no practical substitutes for the product or service sold, and no serious threat of the entry of a competitor into the market. This enables the seller to control the price. One or more of the following elements are of great importance in establishing a monopoly in a particular industry: (1) Control of a major resourceRead MoreCorporate Competition, Monopoly, And Monopoly1181 Words   |  5 PagesA firm, an organization which employs resources in order to provide a product or service at a profit, can be grouped into one of four distinct market structures: perfect competition, monopolistic competition, oligopoly, and monopoly. Each market structure has its own unique characteristics. Once a firm is classified, one is able to understand how price and output are determined by a firm. Beval Saddlery, a firm established in May 1955 by Bev Walter, grew from a shop in a one-car garage to a renownedRead More Monopolies Essay3526 Words   |  15 PagesMonopolies What is a monopoly? According to Websters dictionary, a monopoly is the exclusive control of a commodity or service in a given market.† Such power in the hands of a few is harmful to the public and individuals because it minimizes, if not eliminates normal competition in a given market and creates undesirable price controls. This, in turn, undermines individual enterprise and causes markets to crumble. In this paper, we will present several aspects of monopolies, including unfairRead MoreMonopoly and Quasar1166 Words   |  5 Pagesmost other companies found a short-term profitable product, but being able to adjust as competition enters the market is the key for Quasar to remain profitable. After the launch of the Neutron laptop computer Quasar enjoyed a pure monopoly market. A pure monopoly exists when a single firm is the sole producer of a product for which there are no close substitutes (McConnell, Brue, 2004). During this time the company could set the pricing of the computer based on the demand for the newly innovative