What is a Monopoly and How Does it Work?



Valuetainment Weekly Episode #51:
Every monopoly ceases to exist when choices for the consumer exist. Whether you are aware of them or not, companies that try to monopolize can affect our lives in many ways. FInd out which organization has the ability to either build or destroy a monopoly and in what way.

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41 Comments on “What is a Monopoly and How Does it Work?”

  1. Great explanation! I understood your version better. By the way the chart that you displayed on screen from free market to monopoly. Could you also make another video explaining the types of the monopoly with different examples? Thank you!

  2. Thank God for competition, i bought the RX 480 graphics card from AMD for 199 dollars 4 days ago.

    Beating out other video cards of which sold for twice as much with raw power.

  3. Great and simple explanation of a monopoly. So if there is a conclusion, should we say that competition is driving innovation for the creators and monopoly is good only for those that are there. So the coin has 2 sides. But if I want to start a business, should I choose a blue ocean strategy where there is little to none competition or go to a competitive marketplace?
    Thanks, man!

  4. Recently I had to look up the Sherman Anti-Trust Act (1890) in order to concrete the statement that my business plan will not create a monopoly. It was a difficult task, but after plenty of research I am able to prove I am not a monopoly, and my idea can move forward! I would have liked to have found this video back in my searching. Thank you for the informative video.

  5. 3 things cause a monopoly to happen: only one firm sells the product, difficult "barrier of entry", no close substitute. Choices prevent monopolies from taking place.

  6. Episode #75 – The number one thing that prevents a monopoly from happening is the opportunity to choose. Everybody has the pressure to improve when there are choices. It makes the competitors produce better products and innovate new things.

  7. Hey! awesome video Patt! I have watched most of your videos! every person I know that wants to become or is thinking about becoming an entreprenuer, I recommend they watch and subscribe to you! keep doing what you do best! God bless

  8. I mean isn't it every business owner's dream to be the only one in his industry, not to have competitors, to be invincible, TO DOMINATE ? The 3 men you showed a picture of, I think it was Carnegie, Rockfeller and Ford, they became some of the richest men in history because they had a monopoly, they were DOMINATING.
    I understand it isn't good for customers and for entrepreneurs who want to get in that industry.

  9. Wow… This reminds me of my Microeconomics class I took last year. I Know all of this! We want competition!!! If businesses are a monopoly, we don't have opportunities as small business startups.

  10. Monopoly
    ●●●
    1only 1 firm sell
    ◇2barrier of entry
    (Hard to join business because of regulations)
    3no subsitutes
    ●●●

    Choice ruins competition

  11. Hey @valuetainment I know this is an older video, not sure if your going to see it, but I was wondering if you can make a video on the importance of Small Businesses in our communities, specifically local independent businesses. How do Local independent businesses compete with large companies like Walmart or Amazon. Thank you, keep up the fantastic work.

  12. A monopoly is pain in the neck. There's one where I live. A company bottles coca cola. However no other beverage franchise is allowed to settle in the country due to regulations. Every now and then an entrepreneur tries to import different beverages for sale, but the regulations are so bad that they can't offer the same low price for their product. For example a Coke is like $2 here, but a Pepsi is $2.25 due to the import tax. At the end of the day the consumer always gets the short end of the stick.

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