Episode 110: Is Facebook a Monopoly?
Words & Numbers
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The Role of Monopoly in the Internet Industry
There are two ways a firm can become the only firm or the dominant player in an industry. One is that there's something in place that prevents other firms from competing with it. The other is that the company just does its business so well, it provides what people want at the prices they don't want to buy anywhere else. This is the thing about the word monopoly. We hear it and our hackles go up and we associate with something bad. And she's talking about Google, Amazon, Facebook. These are companies that face competition at any point. I choose to use Google because I like Google. If another company did better, I would use that.
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