Identify the Type of Market Structure for “google”. Does It Really a Monopoly in Internet Search Market?
[pic 1] Course Name : PRINCIPLES OF ECONOMICS ICourse Code : SEM 101Lecturer : Lee Weng ChangStudent ID : 1) FIN1709816 2) FIN1709759 3) FIN1709766 4) IBU1709854Full Name : 1) Michael Ting Seaa Kai 2) Chi Zhau Hung 3) Chong Kar Chun 4) Toh Shin YingSubmission Date : 8th DEC 2017Feedback from Lecturer:Mark:Own Work DeclarationI hereby understand that my work would be checked for plagiarism or other misconduct, and the softcopy would be saved for future comparison.I hereby confirm that all the reference or source of citation have been correctly listed or presented and I clearly understand the serious consequence caused by any intentional or unintentional misconduct. This work is not made on any work of other students (past or present), and it has not been submitted to any other courses or institutes before.
Signature:Date: 8th December 2017Q1 – Identify the type of market structure for “Google”. Does it really a monopoly in internet search market?Google is one of the most famous brand/company in the world. It was created in September 1997. When Google was born, the internet was just starting to grow and there were a few companies that specialised for storing data in servers. With the help of search engines, they could easily search for information on the internet. However, none of the companies was able to completely monopolise the market. A monopoly is when the seller faces no competition due to it being the sole seller of a specific product. But in the real world that would rarely happen. So being a monopoly in the real world is to dominate the industry/market even though there might be smaller companies. Many label Google as a monopoly while others have different opinions. According to Edward (2017), Google have been fined €2.4 Billion for abusing its monopoly power in Europe. From this we can see that Google is a big monopoly in Europe. Not just that, Google have around 80.6% of the market share for search engine (Netmarketshare 2017). The reason why people says that Google is a monopoly because it has a huge amount of data base and allowing almost everyone to be able to search about close to almost all the information that is on the internet. It is also due to this that Google is more preferable to people compared to other search engines (Cooper 2017). With these, we can see that there are facts about Google being a monopoly. However, there are also counter agreement for it.