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Monopoly and Antitrust Policy Time Warner Rules Manhattan After studying this chapter, you should be able to: Define monopoly. Explain the four main reasons monopolies arise. Explain how a monopoly chooses price and output. Use a graph to illustrate how monopoly affects economic surplus. Discuss government policies toward monopoly. Is Any Firm Ever Really a Monopoly? Is Xbox a Close Substitute forPlayStation 2? Where Do Monopolies Come From? Where Do Monopolies Come From? The End of the Christmas Plant Monopoly Where Do Monopolies Come From? Are Diamond (Profits) Forever?The De Beers Diamond Monopoly Where Do Monopolies Come From? Where Do Monopolies Come From? Is the “Proxy Business” a Natural Monopoly? How Does a Monopoly Choose Price and Output? How Does a Monopoly Choose Price and Ou