Question

Research an example of a monopoly in the United States economy, past or present. Construct a brief explanation of the monopoly and its impact on the market. Your response should be about three hundred words. Use primary and secondary sources, and cite them.

Answer 1

I don't think there's anything more annoying than the ISP monopolies, specifically Comcast which has most of the US I believe. They never bother to upgrade their services only their prices and stupid cable bundle packages. I'm lucky enough to live in a large metropolitan area where a new fiber internet company just started up but before this last year there were only two ISP choices; Comcast or Century link. Suburban and rural areas typically only get one choice; expensive slow internet service from a local ISP monopoly.

Answer 2

An example of a monopoly that existed in the United States in the past is the Carnegie Steel Company.

This company was created by Andrew Carnegie in 1892. The main purpose of the company was to manage steel mills in the Pennsylvania area. The company was extremely successful as it was able to control supply of steel. This prevented free-market competition and therefore allowed Carnegie Steel Company to set the national price for steel.