corporation in monopolies

corporation in monopolies

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  • Monopoly
  • Coorperation
  • Marshall Westfall
  • Hello everyone!  My name is John D. Rockefeller, and I'm here to teach my friend Marshall about Corporations in a Monopoly!  
  • Rewind to 1870
  • A corporation is a form of business organization recognized by law as a separate legal entity having all the rights of an individual.
  • First i would like to know what is a corporation?
  • A monopoly is a market structure with only one seller of a particular product.  Natural monopolies is a market situation where the costs of production are minimized by having a single firm produce the product .
  • well if that's a corporation, what is a monopoly?
  • okay... then can you have a corporation within a monopoly?
  • Of course! I Founded the Standard Oil Corporation and became one of the world’s wealthiest men and a major philanthropist.   My   Standard Oil corporation gained a monopoly in the oil industry by buying rival refineries,  ensuring  I was the lead distributor of oil.
  • Okay, well when a single Corporation owns all or nearly all of the market for a given type of product or service it is a monopoly, making my corporation a monopoly. You might recognize the name Exxon Mobile. 
  • I still don't get how a corporation can be a monopoly?
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