A firm can try to make its products different from those of its competitors in several ways: physical characteristics of the product, location from which the product is sold, intangible aspects of the product, and perceptions of the product. Products that are distinctive in these ways are called differentiated products. Jail is located in one of the four corner spaces on a Monopoly Board. Whenin Jail, a player’s turn is suspended until either the player rolls a double or pays to get out. If a player is ‘Just Visiting’, and was not sent to Jail, the Jail space acts as ‘safe’ space, where nothing happens. The character depicted on the square is “Jake the Jailbird”. Facebook? Does Facebook have too much power over our personal data and ability to allow fake news into social media feeds? This can also mean you’ve got more chance of losing at certain times during the Monopoly promotion.

Horizontal Integration. Where two firms join at the same stage of production, e.g. two banks such as TSB and Lloyds If you are in debt to the Bank for more than you are able to pay, you must turn over all assets to the bank. The bank then auctions off all the property (except buildings). Bankrupt players must immediately retire from the game. The winner is the last player left. VARIATION I think, deep down, it’s what everyone wants to get – and get a whole set in one meal – we can but dream! Monopolies also need barriers to entry to protect them from new firms entering the market. Barriers to entry can include – brand loyalty through advertising and economies of scale Good Monopolies Plus, you can only use the game pieces from the year we’re in. If you kept last years, they are now worthless.

When landing on this space one does not receive any money, property or reward of any kind. This is only a “free” resting-place. HOUSES In another interesting variation, all of the property is dealt out the in the startof the game. There is not a race to buy property and there is a plethoraof money to develop properties. This considerably speeds up the game, however, it does take a bit of skill out of the game as well as some of the satisfaction of struggling to put together a successfulmonopoly. TOURNAMENTS Then once you collect a set, you win a prize - the rarer that set is (so if fewer pieces are made) the better the giveaway will be.

A monopoly maximises profits where MR=MC (at point m). It sets a price of Pm and quantity Qm. Problems of Monopoly Higher prices to suppliers – A monopoly may use its market power (monopsony power) and pay lower prices to its suppliers. E.g. supermarkets have been criticised for paying low prices to farmers. This is because farmers have little alternative but to supply supermarkets who have dominant buying power. There's a range of prizes up for grabs in the latest game of McDonald's Monopoly- from cash to a Mini Electric Car. Vertical Integration. Where a firm gains market power by controlling different stages of the production process. A good example is the oil industry, where the leading firms produce, refine and sell oil.

Multibuys

Higher prices. Firms with monopoly power can set higher prices (Pm) than in a competitive market (Pc). (Red area is supernormal profit)

Customers can also collect property pieces of the same colour for a bigger prize via the McDonald’s App and http://mcdcollect.co.uk where they will then get a Digital Peel for another chance to win. Try and enter the code first thing in the morning, or even in the middle of the night, as you will have less competition with others.Productive inefficiency A monopoly is productively inefficient because the output does not occur at the lowest point on the AC curve. Prize Draws Peel – win an entry to one of nine prize draws (winner announced after the game closure) Some industries need a lot of research and development (e.g. building new aeroplanes, research drugs). Therefore, a monopoly may be needed in this industry. To start the game, beginning with the banker, each player takes turns rolling the dice. The player who gets the highest total starts the game. The player places their token on thecorner marked“go”, then throws the dice. The dice will be the indicator how many spacesto move their token in the direction of the arrow on the board.After the player completes the play, the turn movesto the left. The tokens remain on the spaces occupied and proceed from that point on the player’s next turn. Two tokens may occupy the same space at a single time. Governments can regulate monopolies. This, in theory, can enable the best of both worlds. Economies of scale and lower prices. Monopoly regulation can include: