The article discusses how a company selling a product that wears out over time can reach different types of equilibria in the market. There are three main types: a Coase Conjecture equilibrium, a monopoly equilibrium, and a reputational equilibrium. Depending on how quickly the product wears out, different equilibria can exist. When the product lasts a long time, the company can still keep its monopoly power. In some cases, the amount of product sold in the reputational equilibrium is less than in a monopoly situation. This means that in markets for long-lasting products, the negative effects of monopoly power can be even greater than in markets for products that don't last as long.