I need a current event article link on a microeconomic issue. Then I need an abs

Question

I need a current event article link on a microeconomic issue. Then I need an abstract with a clear and concise statement of the problem to be addressed. It should not be more than 2 or 3 sentences. It could be contained in a single well crafted sentence. What about McDonald's selling breakfast all day or Apple profits have declined for the first time? Are these microeconomic and how to write the abstract off an article dealing with this. I need a current event article link on a microeconomic issue. Then I need an abstract with a clear and concise statement of the problem to be addressed. It should not be more than 2 or 3 sentences. It could be contained in a single well crafted sentence. What about McDonald's selling breakfast all day or Apple profits have declined for the first time? Are these microeconomic and how to write the abstract off an article dealing with this. What about McDonald's selling breakfast all day or Apple profits have declined for the first time? Are these microeconomic and how to write the abstract off an article dealing with this.

Explanation / Answer

Monopoly power

Even the pure monoopolist's market power is restricted in two important ways- one, without government assistance, the monopolist's control over the market for a product is never complete. Even if a producer has a true monopoly of a good, the consumer can still choose a substitute good whose production is not monopolized. For instance, until recently, only one firm has been permitted to provide a local telephone service. Yet people can always communicate in other ways. They can talk directly with one another, they can write letters or send telegrams, they can use their children as messengers. Obviously none of these alternatives are close substitutes for a telephone, but people can also choose to use less of their incomes on telephone services and more on rugs, bicycles, or any number of other things. The consumer's demand curves for all goods are downward sloping, reflecting the fact that not even a monopolist can force consumers to buy its product.   

Abstract- This is not to say that the effects of monopoly are not harmful. If monopoly means that one firm has few if any rivals providing the same product, then the monopoly is a force that reduces consumer choice.

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