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Monopolistic behaviors are abhorred by society and governments around the globe adopt antitrust laws to prevent or at least discourage these behaviors

Economics

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Monopolistic behaviors are abhorred by society and governments around the globe adopt antitrust laws to prevent or at least discourage these behaviors. Yet, the very laws legally sanction monopoly, as it seems inevitable. We discussed deadweight loss in class at length and we know that monopolists’ decisions often result in deadweight loss. Explain in simple terms (as if you are talking to an average person) the meaning and implications of deadweight loss, the mechanism through which it happens. What can we, as society and business community, do to discourage monopolists behaviors, curtail their power and undo their damage (Tip: your short essay should ideally draw upon fundamental basic principles of the economic way of thinking).