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Purpose: The purpose of this assignment is to gain a deeper understanding of how a monopoly can be created by government policy as well as what happens in a monopoly market when other firms begin to enter the market.
Skills: This assignment should help you understand what a monopoly market structure is and should help with your organizational, analytical and written communication skills.
Knowledge: This assignment should help you develop a deeper understanding of how monopolies originate and the importance of barriers to entry for monopoly firms.
Task: Please listen to the podcast on Planet Money, NPR, July 31, 2015 (re-broadcast 2018) and answer the questions below in 250+ words total. Take the time to truly reflect and explore each question, coming up with a well developed answer. Be sure to proofread for typos and other spelling/grammar mistakes. Please number your responses.
Episode 643: The Taxi King : Planet Money : NPRLinks to an external site.
After you have listened to the podcast, answer the following questions in detail in about a paragraph or more per question:
1. Who is the Taxi King? Briefly summarize the story and describe how the monopoly originated.
2. Explain how and why the taxi monopoly is changing.
3. What caused the change in the taxi monopoly and do you think it is a fair outcome?
4. What happened to the price of medallions and the profit in the market as more firms began to enter the market?
5. In your opinion, what role should the U.S. Government play in regulating monopolies or other industries with market power? Do you think the government do enough to regulate monopoly power? Why or why not? Justify your answer.
Criteria for success:
1. Follow all instructions carefully.
2. Please type your document using a word processing software and submit to the Dropbox in Word format.
3. Write more than the minimum writing requirement of 250+ words.
4. Include detailed explanations and examples. You must explain all answers in detail in at least a paragraph for each answer (short answers will lose credit). Write in complete sentences.
5. Number your answers.
6. Do your own work. Avoid the use of AI, Grammarly or cheating websites which is not allowed in this course and will earn a grade of zero on this assignment. Be sure to cite any outside resources that you use when completing this assignment.
7. Use
professional grammar and punctuation in this college level course. Avoid “text” or “twitter speak” when corresponding. If you use outside resources, be sure to cite them.
