MyEconLab Concept Video
Microsoft faces almost no competition in the market for PC operating systems. Does the absence of competition result in buyers paying too high a price for Windows? You will find the answer in this chapter.
The market for PC operating systems is an example of monopoly, a market in which one firm sells a good or service that has no close substitutes and in which a barrier to entry prevents competition from new firms.
If a good has a close substitute, even though only one firm produces it, that firm effectively faces competition from ...