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Compare the game of Monopoly to the real world economics

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Comparing the game and real world versions of the monopoly concept, they are similar. In the real world, a monopoly can occur when an owner has exclusive rights over a resource. The color blocks are not considered monopolized until one person owns all of them. Before that point, the properties are considered to be subject to competition. In the game, competition is simplified significantly. Prices are simply stated players have no ability to control prices nor do they have the ability to attract demand. Demand is simply apportioned by the dice

Nevertheless, once a customer has a monopoly, they can begin to extract premium rents. This is possible in the game only by virtue of the fact that some form of demand is assumed (from the dice). In the real world, demand for a product even in a monopoly cannot be assumed. There are substitute products, for example, that can reduce the pricing power of a monopoly. Also, because in the real world the monopolist is seeking to build long-term profits, they must price at a level that will not bankrupt the entire market. In the game, the short-term time orientation influences players to undertake activities with no