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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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Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 18 of 20

Topic: An Example <=PAGE BACK | PAGE NEXT=>

  • Suppose we suspect an apparent correlation between jogging shoe sales and advertising expenditures. Does advertising cause greater shoe production and sales.
Series of events:
  1. Shoe companies increase advertising,
  2. Buyers realize that they want or need more shoes,
  3. Buyers buy more jogging shoes,
  4. Stores sell shoes and order more,
  5. Manufactures respond by making more jogging shoes,
  6. Jogging shoe sales and production are greater.

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CHECK CLEARING

The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.

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