You will need to include some equations and may wish to add some graphs for clarity. Since not all word processors allow you to do this, these can be added by hand, but must be done in ink. It is on this part of the project that you must work alone. If you have questions on the write up, I am available during my office hours as well as by arrangement. When there is only on firm that produces a product, that firm is called a monopoly.
Monopolies are familiar to most consumers.
Local phone service and electric power are provided by monopolies. Monopolists have that advantage over firms that must compete since, without regulation, they might have the ability to control the price of their service by controlling the quantity produced. A product in short supply will fetch a high price if people are demanding the product. Conversely, if the product is easy to come by, the price will fall. Monopolies could be detrimental to the consumer if they were not interested in providing enough of their product for everyone, but in providing just enough to maximize their profits.