What is the theory of creative destruction?
b.According to this theory, do we need to worry about the fact that our local power utility has a
monopoly in the provision of electricity?
5.Walmart is known for entering small towns and driving out its competitors. Using the theory of
countervailing power, explain why the growth of Walmart may have actually increased, rather than
decreased, efficiency in the United States.
6.Marriott and Holiday Inn want to merge, but the resulting company would control 44 percent of the market
for hotel rooms. They promise the Department of Justice that they will not raise room rates, if they are
allowed to merge. Will the Department of Justice allow this merger? Explain using the Herfindahl-
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