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Word Count: 467
In a Perfect Competition there are many firms that sell a product Most likely it is a single product that they sell competing against each other They allow people to come in and out of the market very easily In a Monopoly there is a single seller he decides who he wants to sell it to and at what price he wishes to sell it at There is usually one unique product that they sell Though there are lots of products out there there are some that inventors are not willing to share For example the Uplight the Uplight is a light that runs on batteries They are great for emergencies and blackouts However this new product is very useful and handy but there is a patent on it This means that no one else is allowed to come out with a different model of the Uplight This is an example of a monopolyI have created a product that can change the way we live I have created the one and only House keeping Robot She can cook clean and almost everything else that anyone can dream of She just needs to be programmed to do what she needs to do I have chosen to run my invention through a monopoly In my natural monopoly it will allow me to sell my robots at a lower cost The price market for my robots is 55000 I bought the robots at an arbitrage The small business owner could not handle the cost and labor of the robots that he started so I finished for him I now have the opportunity or choice to go into a perfect competition or stay with my monopoly I have chosen to stay with my monopoly I think that it would be best if I stayed with my monopoly because that way I can keep it out on the market for a longer period of time If I allowed other industries
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