I always tell my students that when you see a crazy line, it’s because of government regulations or a government monopoly. Consider the DMV. The VA Hospitals. Even getting through passport control at the US border.
Monopolies create the worst product for the highest cost. Just consider government education.
It’s pretty clear why monopolies are dangerous and unwanted – they squelch competition, increase prices, reduce choice, and diminish innovation, but there’s also a lot of confusion about what is or isn’t a monopoly.
Market share alone doesn’t make a company a monopoly, and often, it’s the government that’s keeping entrepreneurs out. The next time you notice high prices, lack of innovation, or a lack of choice, ask yourself who – or what – is keeping the competition out?
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