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Question: What is a monopoly?
Answer: When one business or company dominates its area and squeezes out all its competition, the result is the consumer does not have a free choice, and inevitably, the price of its products or services will increase, and the 'Monopoly' increases its profit. Although, sometimes prices stay low to discourage anyone from entering the market, profit still does occur. Not to be confused with a pure monopoly, where a company has control over the entire market for a product because of barriers.
However, a monopoly is a philosophical process of direct competition leading to a pure monopoly it is not in itself a purely dominating force. It is rather, the process of obtaining competitive grounds for strive toward total control.
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Question:
What is a monopoly?
Answer:
When one business or company dominates its area and squeezes out all its competition, the result is the consumer does not have a free choice, and inevitably, the price of its products or services will increase, and the 'Monopoly' increases its profit. Although, sometimes prices stay low to discourage anyone from entering the market, profit still does occur. Not to be confused with a pure monopoly, where a company has control over the entire market for a product because of barriers.
However, a monopoly is a philosophical process of direct competition leading to a pure monopoly it is not in itself a purely dominating force. It is rather, the process of obtaining competitive grounds for strive toward total control. Source: CoolInterview.com
As there are 4 type of market As monopoly is one of them. as the monopoly is the market which deal in its own product and have full control over price and in monopoly market there are very large no of consumer and only single seller.for example MTNL in india is the company which only provide the service of landline in india so they have complete control over call rate, BSES electricity service provider Source: CoolInterview.com
Answered by: sunny | Date: 1/13/2010
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