Monopoly and Oligopoly

This week, Monopoly and Oligopoly presentation attracted my attention. I always worried about this topic and Presenters gave some information to us. It’s so useful to me. There are many problems caused from most major companies and the government. They are dominating various kinds of market. Most companies fix the price in collusion that makes it hard for consumers.

The most serious problem is high price of products. They are increasing the price without consumer opinion and improved quality. For example, most groceries, gasoline price and so on. I don't understand why government couldn't control this situation but I guess government got some profits. Government only gave some business permission to large company like telecom service and tobacco business. This is the biggest reason for monopoly and oligopoly.

The companies which have the permission are growing too highly and earn much money. Despite the growth of large companies, most people couldn’t receive a better service than ever.  In my case, my home paid overcharge to company of telephone service. They added some service without detailed explanation to my mom and we paid a lot of money to the company almost for 8 years. I complained about this and required refund our money but they didn’t want to that. I continuously complained by showing evidence. Eventually, they gave refund to us without any apology. As shown this case, they ignore consumer opinion or feeling. I really don’t understand their attitude for consumer.  

Government should change monopoly and oligopoly. People want competition among the companies. If there are many competitions in various industries, people can get a better service and buy some products at reasonable price. Government prevented importing other countries smart phone until just a few years ago. Finally, smart phones of foreign companies imported and Korean phone companies competed with them and then the quality of phone and also service is better. It’s not only good for consumer but companies because they could improve their technology of products.