Madison Webster, Chapter 4, Q 2/6

A topic that stood out to me while reading chapter 4 was monopolies. A monopoly is an exclusive control of a service in a market. I always associate the word "possession" with the word monopoly due to the board game. Wheelan describes this very well, "...monopoly stifles any need to be innovative or responsive to customers". There is no need for employees of a "monopoly" to work their hardest to please customers. The customers aren't going to leave. They have no other option to turn to!

Wheelan gave a great example, the Department of Motor Vehicles. I always talk to people and they say "Ugh, I waited at the DMV for eight hours today and they still told me to come back tomorrow!". This happens over and over again. The workers take their sweet time to do what they want, whenever they want because they know that customers won't leave. The government has a lot of control, forcing the population to suffer through extreme lines and inconsiderate treatment. I, personally, do not see the good in monopolies. This topic certainly affects my life because I am the one who has had to wait in a long line to get my driver's liscense. I believe they should create a law to fix these circumstances, so in the future it would become a smoother process.