In the business world, the perfectly competitive firm is considered a price taker, while the monopolistic firm is a price maker, meaning it has control over the price. In today's business world, pure monopoly exists; we have all had the opportunity to have personal relationships with such companies. This assignment will discuss the varying degrees of "monopolies" and attempt to provide accurate examples, allowing me to share my understanding of the competitive business market. In a competitive business world, pure monopoly exists when a single company is the exclusive producer of a product or service for which there are no close substitutes. There are three very distinct characteristics that can be used to describe a pure monopoly or a single seller:1. Unique product: There are no close substitutes for a company's product or service.2. Price maker - The firm has extensive control over the price because it has control over the quantity supplied.3. Blocked Entry: A pure monopoly firm does not care about individual competition between itself and other firms because economic, technological, or legal barriers such as patents or licenses are in play that confer the title of pure monopoly because no one can gain entry to the market . Barriers such as patents and licenses exist to protect the inventor or a product. The government also plays a role in licensing a product or service. They can control entry by admitting only a certain number of companies into a particular category, as we see in radio and television broadcasts (). While these characteristics may seem very desirable from a company's perspective, they are usually not exceptionally desirable for a company. consumers. Pure monopolies... middle of paper... market model in some cases; however, lobbying, legal fees, etc. can result in substantial costs that would cause long-term inefficiency. In the business world, the perfectly competitive firm is considered a price taker, while the monopolistic firm is a price maker, meaning it has control over the price. In today's business world, pure monopoly exists; we have all had the opportunity to have personal relationships with such companies. This assignment discussed the varying degrees of “monopolies” and attempted to provide accurate examples, which allowed me to share my understanding of the competitive business market. Works CitedBrue, S., McConnell, C., Flynn, S., 2010, PCP (38503). Custom book for Ashford: Essentials of Economics [1] (VitalSource Bookshelf), Retrieved from http://online.vitalsource.com/books/0390132292/page/236