A Monopoly is a market with one dominant seller controlling supply and price due to high barriers to entry (like high costs or regulations), offering no close substitutes, while the game involves buying, developing, and monopolizing properties (color sets) to bankrupt opponents by charging rent, with goals of acquiring full sets, building houses/hotels, and strategic trading, all managed by a banker.
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- Business (Economic) Monopoly
- Definition: A single company or entity controls the entire market for a specific product or service.
- Key Features:
- Single Seller: Only one producer.
- No Substitutes: Consumers have few or no alternatives.
- High Barriers to Entry: New firms can’t easily enter (due to cost, tech, patents).
- Price Maker: The monopolist sets prices, unlike in perfect competition.
- Formation: Can occur through mergers, acquisitions, or natural advantages (like utilities).
- Regulation: Governments use antitrust laws (like FTC in the US) to prevent abuse of monopoly power, often regulating utilities.
- Monopoly (Board Game) Rules
- Objective: Be the last player remaining by driving others to bankruptcy.
- Setup: Choose tokens, place on ‘Go’, get starting cash ($1500), shuffle Chance/Community Chest.
- Gameplay: Roll dice, move clockwise, buy unowned properties, pay rent on owned ones.
- Monopolies & Building:
- Owning all properties of one color (a monopoly) allows building.
- Build houses/hotels evenly across a color set; max 4 houses, then a hotel.
- Hotels return 4 houses to the bank.
- Key Spaces:
- Go: Collect $200.
- Jail: Go directly to Jail if sent; can pay $50 to get out or roll doubles.
- Chance/Community Chest: Draw a card.
- Taxes/Free Parking: Pay taxes; Free Parking has no effect.
- Bankruptcy: If you can’t pay debts, mortgage properties (get half value from bank), sell buildings, or declare bankruptcy, giving assets to creditor.
- Trading: Players can trade cash, properties, and Get Out of Jail Free cards.
- Doubles: Roll again; three consecutive doubles sends you to Jail.
