economic discussion 1

1.List the characteristics of a monopoly.

2. What good or service did De beers have a monopoly in?

3.What are the reasons De Beers was able to create and maintain a monopoly for as long as it did?

4.According to the article, what were the reasons De Beers started to lose its monopoly?

5.What some of the strategies that De Beers has adopted to maintain market share – some of this is in the article and some you will want to google. You don’t need to search excessively. Any recent article on De beers will reveal what steps the company has taken since 2000 to maintain market share.

6. When De Beers had a monopoly, could it have set the price of diamonds as high as it wanted to regardless of the market/ Explain your answer (please check your chapter reading as well as the article for answers)

7. What is the difference between price fixing and price discrimination?

8. How is monopoly similar or different to perfect competition?

9. How is monopoly simiar or different from oligopoly?

10. How is monopoly similar or different from monopolistic competition?

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