Question

What are 10 things about a monopoly

Answer 1

I am not sure if the question is about the game Monopoly or that of a market structure in economics. As the other answer is about the game, here are ten things about a monopoly market:

1. In a monopoly market, there is only one producer. If you want the product or service, you can only get it from that producer.

2. There is usually limits on entry to the market - that is why there is only one producer.

3. The limit can be due to laws imposed by the government.

4. Or it can also be due to a technological lead held by the one producer.

5. In a monopoly market, there is no competition.

6. The price is set by the one producer. Consumers have no control or influence on price.

7. Other than a few exceptions, monopoly is considered bad for the economy.

8. The exceptions are such as utilities - water/electricity companies.

9. One example of monopoly is the diamond supply which is controlled by one company.

10. The game Monopoly is based on the concept of monopoly market.

Answer 2

1. The Monopoly game is based on Atlantic City, New Jersey.

2. Charles Darrow first developed the Monopoly game in 1933.

3. Charles Darrow is from Philadelphia.

4. The original game was made from materials from Darrow’s own home. A piece of oilcloth covered the board and the cards were handwritten.

5. The original houses and hotels were made from wooden molding scraps.

6. The original Monopoly die-cast tokens were inspired by Darrow’s nieces who recommended metal charms from charm bracelets be used.

7. The original game included 10 metal tokens including iron, purse, lantern, race car, thimble, shoe, top hat, battleship, cannon and a rocking horse.

8. The Monopoly 80th Anniversary Edition game features one iconic token from each of its eight decades including the bathtub, locomotive, money bag, cat, cannon, cavalry, and MONOPOLY World Championships trophy.

9. Darrow attempted to sell the Monopoly game to Parker Brothers, but was initially rejected for “52 fundamental errors” that included the game’s length, theme and complexity.

10. Darrow first manufactured and sold the Monopoly game in local Philadelphia department stores.

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