ECON101 University of Phoenix Economic Reasoning Two Questions

1. Evaluate the following statement using economic reasoning: “A monopolist can charge whatever she wants because she is the only source available.”

2. Identify and describe a real world example of an oligopoly. What characteristics of this market fit the definition of an oligopoly? What role does advertising play in this market? Is this consistent with what you’ve learned about advertising and oligopoly in this course?

Minimum of 250 words each

Provide in-depth responses to the questions. Proper citation of reference material is expected and required.