According to Neill (1992), “it is time to stop sacrificing the economic well-being of the vast majority of Americans and the future of our children in order to finance the conspicuous consumption of the very rich” (p 114). Monopolies are the only ones that can produce certain goods in a specific market. In the absence of an alternative product to purchase, monopolies often label their products as luxury goods, which drives up prices. The lessons of the monopolistic model suggest that some of the problems arising from monopoly power are restriction of production, artificially higher prices, lower quality, and persistent profits. Others added that monopolies produce less and charge higher prices than a purely competitive environment. The monopolist sets marginal revenue equal to marginal cost and therefore output is smaller. In monopolies, profits can persist indefinitely because high entry barriers prevent new firms from participating in the market. Since profits are indefinite; monopolies do not need to diversify or improve their products. Therefore, profits serve no useful social purpose in monopoly as they do in pure competition (Ulbrich,