Humans Exhibit Monopolistic Behaviors
In economics we often see monopolistic behavior displayed by companies. Monopolies are defined as companies with exclusive control over the marketing of their product or service. A monopoly is generally the dominant firm, not necessarily the only firm in their corner of the market. The difference between monopolies and competitive firms is that a monopoly is able to influence the price of its good. Monopolies can be created if the company is the only seller of its goods or their are no close substitutes. They stay monopolies because their are many barriers to entry in the market for potential competitors. The barriers to entry would be that the resource is owned by one firm; the government allows the product to be patented or copyrighted; and the cost of the production of a good is the most efficient, therefore the cheapest for a single company.
Like in firms there is usually a power struggle in families, but between siblings for attention by their parents. Generally, parents try to be fair in the attention distributed amongst their children, but there is usually one child who is able to dominate the attention. In most families the youngest child has an amazing control over their parents. They are constantly able to captivate their parents’ attention. It is very easy for this to happen because usually the youngest requires the most attention. They have more needs and are more dependent on their parents than the other siblings. The other children are in constant competition with the youngest for the attention.
The youngest child in most families is able to dominate the attention from their parents. They create a monopoly over the attention from their parents. The older siblings are then closed out of the “market” with the lack of attention. The competition is very strong when the children are younger, but in the later years the older siblings accept the fact that it will be the youngest child that gets all the attention. They are then forced out of the “market” for their parents attention. The barrier to entry is the natural instinct of the parents to give the most attention to the youngest. The relationship between a monopoly’s ability to influence the price of its good and the youngest child is present. The youngest child doesn’t have to do much to receive the attention. The other siblings need to overcompensate to receive the attention they need.
The monopolistic situation is present in many families. The competition between children when they are younger is stiff. In the movie “Ferris Bueller’s Day Off”, Ferris, the youngest child, pretends he is sick, because he doesn’t want to go to school. His parents are very concerned for his health. His older sister complains, “if I was bleeding my eyes out, you’d still make me go.” This is just another classic case of the youngest child’s ability to monopolize their parent’s attention.