response dq2

Class, a narrow definition of monopoly is that a firm has a monopoly if it can ignore the actions of all other firms. Under a broad definition, a firm has a monopoly if no other firms are selling a substitute close enough that the firm’s economic profits are competed away in the long run. If you were to own the only furniture store in a small town, would you be considered to have a monopoly?

http://cnx.org/contents/aWGdK2jw@11.330:VhgPN-9A@6/Corporate-Mergers