Since a monopoly controls the whole market, with your example the music albums in the market...
Since a monopoly controls the whole market, with your example the music albums in the market do you think that a new firm entering the market with a completely new product line music player would be able to take away some the markets from the monopoly?
Homework Answers
When a new firm enter the market with a completely new product line music player, the existing monopoly market structure would be broken.
Now, people have a choice to buy music related stuffs either from the existing monopoly firm or from the new firm.
Music is such a product that every new product line in music is well accepted by the masses.
The tastes & preferences of the prospect music lovers and customers would tilt towards the completely new product line music player, thereby ensuring that the new firm takes away some of the markets from the monopoly.
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Since a monopoly controls the whole market, with your
example the music albums in the market...
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