Sunday, December 19, 2010

Post 7: 4 Types of Monopolies

Technological - The Wii with motion sensor gaming. The Wii was the only company with motion sensor until this year when Xbox 360's Kinect and Playstation's Move came out.

Geographical - Comcast (if it is the only cable provider in the area)

Natural - Sewer System

Government - U.S. Postal System

Friday, December 17, 2010

Post 6: U.S. Antitrust Laws Review Game

Enjoy this review game I created :)

Post 5: One monopoly I would like to see broken up

   I would like to see the PSEG monopoly broken up.  Currently there is only one company that my family and friends can get electricity from, and that's PSEG.  I believe that my friends and family will greatly benefit from this monopoly breaking up.  PSEG can charge whatever they please because people have to go to them if they want electricity.  If broken up, prices will lower which will benefit the consumers (my friends and family).  I believe lower prices for electricity are necessary for consumers given the current state of the economy.

Post 4: 8 things learned from the 3 practice quizzes

1. If there are any barriers to entry in a market, sellers cannot compete easily and fully.
2. Oligopoly is the most common noncompetitive market in the United States.
3. A collusion is when sellers secretly agree to set production levels or prices for their products.
4. Breakfast cereals are an example of an oligopoly in the United States.
5. "Trusts" are another term for huge monopolies that dominated the era of "big business".
6. "Laissez-faire" is a philosophy that states that economic systems prosper when the government does not interfere with the market in any way.
7. The Federal Trade Commission Act was passed in 1914 to investigate charges of unfair methods of competition and commerce.
8. United States never decided to return to a laissez-faire policy and end antitrust investigations.

Wednesday, December 15, 2010

Post 3: 5 things I wanted to purchase/actually did purchase recently, identifying the market structures the product exists in.

   Recently I purchased tickets to see Linkin Park.  This year they came out with their fourth studio album, and starting in January they're going on their new tour.  Live Nation was the only company selling tickets to this concert, this is why I identified it as a Monopoly.  They could have charged me any price they wanted because there were no other companies selling these tickets.

   A couple days ago after getting home early because of a school black out, my buddy William J. Lovins and I went to Wawa for lunch.  There were tons of other places we could have gone that day to get food, for example, the Columbus General Store, Mastoris, or just about anywhere.  At that specific time we were craving a Wawa hoagie, which is why Wawa falls under the market structure Monopolistic Competition.  We could have gone anywhere, but we wouldn't have been satisfied if we didn't go to Wawa.

   Over the summer I purchased these shoes called Reebok Zigtechs.  Currently in the marketplace there is only one company that sells a shoe that is "an energy drink for your feet", and that's Reebok.  These shoes go under Monopoly because Reebok is the only shoe company selling this type of shoe. Therefore they can charge whatever they please, and they sure did.....$100 for these goofy looking shoes.

   About a month ago I made a deal with my dad, he said that he would match the money I save up in June for my graduation. And with that money I could buy a car.  The car I'm looking forward to buying is a 2003 Mercury Marauder, they're comfortable luxury vehicles with power, can't get much better. There's only one problem, only 11,053 of them were made in 2003 and 2004, which a very small amount in the car industry.  That is why the Mercury Marauder falls under Oligopoly. There are ann endless number of other vehicles I could get, but there are only 11,053 Marauders.  Because of this fact, owners and dealers can set almost any price for one.

   The Black Keys dropped their sixth studio album in May of this year, and I had to get it.  The Black Keys are easily one of my favorite bands, their blues/rock combination is awesome, I love it.  I decided to pick the CD up at Best Buy, where they have thousands of CDs. This new CD would be categorized as Monopolistic Competition, there were literally thousands of CDs I could have chosen from but I (again like the Wawa example) wouldn't have been satisfied with something else.  I wanted The Black Keys, not Black Eyed Peas.

Friday, December 3, 2010

Post 2: Visual


Hello my name is Ezekiel Baez aka Ez aka Zeke aka Eazy-E aka Chocolate Bear.  I'm addicted to music, I listen to all types and genres. Currently I'm listening to "I Get a Kick out of You " by Frank Sinatra on my Sony CD Walkman. I play acoustic and electric guitar as well as bass. Honestly, I have no idea what else to say, I hate writing about myself, but its a class requirement. So yea that's all you really need to know haha. Laters.