University—a fresh start, and a new beginning. For many of us, especially first year students, it represents the next chapter in our lives. University gives us all the opportunity to experience new things, such as independence from our parents. Along this journey to adulthood, we will inevitably make new friends. For some, making friends seems very natural, and for others not so much.
Economics 101 is that a monopoly is fundamentally any enterprise with substantial ‘market power’ – that is, the capacity to set prices and cut back on quantity with little, if any, response from customers. While most monopolies arise through natural monopoly conditions (for example, essential services including water and electricity distribution), others simply develop when circumstances facilitate their entrenched establishment. Such conditions include high barriers to entry for potential competitors, legislative encouragement and context-specific advancement.