A monopoly is one seller as Dr. Per Bylund stated in the video. Dr. Per Bylund also mentions how monopoly is not a bad thing. Without a monopoly, we wouldn't have items like the iPhone. Steve Jobs was the one who created the iPhone and he was the only one who created this, so technically he is a monopolist. There are people who have similar phones to iPhone, but ultimately in the end, the one the people want more will be the ones standing. The power is when no one else can offer the same good. The government says that you can't compete with that same service. This is where it is wrong. I believe that the government shouldn't tell us what we can and can't sell. There would be a lack of competition with a monopoly power. Hardly any entrepreneurs would exist. "Monopoly is a natural thing, but power is the problem" as Per Bylund states. The big corporations could do things wrong, but they would still be in business because they are the only ones that have that business. This isn't a good thing. If a company is unethical, they would still be working even though what they do is wrong. Innovation would be lacking if there is monopoly power. We could have so many things, but do to regulations and monopoly power, we may not get those innovations. For example, in the medical field, we lack innovation in some areas due to regulations, which I think is wrong. I want to be a dermatologist and have my own practice, but dermatology is very competitive because they only allow so many to be dermatologists. I don't like this because if a patient needs to get in for something serious, they may have to wait a long time to get an appointment because there are not as many dermatologists around. Even with cancer, I feel as though we could have a cure for cancer, but we are lacking in those innovations. It makes me wonder, if there weren't certain regulations in place, if we would have more medical innovations than what we have now.
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