Final Paper

Name.

ECO204: Principles of Microeconomics

Professor

date

                           Final Paper 

In 2008, two lawyers began purchasing competitive potato chip firms with the goal to form a monopoly firm called "Wonks". After purchase of these firms, the two lawyers then hired a management consulting firm to estimate the long-run competitive equilibrium of this new monopoly. The following paper will discuss the benefits of this new monopoly towards stakeholders involved, the changes that may occur in price and output of the product in this particular market structure; and market structure that will most benefit the Wonks potato chip monopoly.

A monopoly is defined as a firm that produces a product for which there are no close substitutes and in which...