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Watch https://mediaweb.saintleo.edu/courses/ECO202/AVP/forrestgump.MP4
Consider that Forrest’s good luck of “being in the right place at the right time” allowed him to operate as a monopoly. Typically, the fishing industry is a highly competitive industry where economic profits are rarely made in the long run. However, in a twist of fate, Forrest’s boat is the lone survivor after a hurricane washes ashore and destroys all the other shrimp boats.
Consider the barriers to entry facing potential competitors in Forrest’s monopoly market. The more contestable a market, the closer it will be to a perfectly competitive market, whereas the less contestable a market, the closer it will be to a monopoly.
Describe a firm that you believe is a monopolist. Describe the barriers to entry that exist and discuss if they are contestable or not.

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