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REALISM OF MONOPOLY: If taken to the extreme, monopoly, like perfect competition is an ideal market structure that does not actually exist in the real world. In the extreme, a "pure" monopoly is a market containing one and only ONE seller of good, a good with absolutely, positively no substitutes. The product is absolutely, certifiably unique. It's not just that it has no CLOSE substitutes, it has NO substitutes. Period. End of story. In the real world, however, every product, no matter how seemingly unique it might appear, has substitutes. The substitutes might not be very close. They might be really, really bad substitutes. But they are substitutes. As such, there are no pure monopolies in the real world.
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PRODUCTION COST The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. The price received by a seller must be high enough to cover production cost. The law of supply is based on the proposition that production cost increases with an increase in the quantity produced and supplied.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for attractive cable television service repair people.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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