Situation where one (or a of producers in concert) controls of a good or service, and where the of new producers is prevented or highly. Firms (in their attempt to maximize profits) keep the price and restrict the, and show little or no responsiveness to the needs of their customers. Most governments therefore try to monopolies by (1) imposing price controls, (2) taking over their (called 'nationalization'), or (3) by breaking them up into two or more firms. Sometimes governments facilitate the creation of monopolies for reasons of national, to realize for competing internationally, or where two or more producers would be wasteful or pointless (as in the case of utilities).
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Monopoly is defined as being the only one in a given market selling a specific product, or having exclusive control over a certain thing, or the trade mark of a board game where the aim is to buy properties on the board and then build hotels on those properties. An example of monopoly is when one company is the only provider of phone service in the area. An example of monopoly is when you say a cat is the only pet that can be aloof.
Monopoly Market Definition: The Monopoly is a market structure characterized by a single seller, selling the unique product with the restriction for a new firm to enter the market.Simply, monopoly is a form of market where there is a single seller selling a particular commodity for which there are no close substitutes.
An example of monopoly is the phone company who is the only provider of phone service in an area. An example of Monopoly is a board game. Noun( plural monopolies). A situation, by legal privilege or other agreement, in which solely one party (company, cartel etc.) exclusively a particular or, dominating that and generally exerting powerful control over it. An exclusive control over the trade or production of a commodity or service through exclusive. A land monopoly renders its holder(s) nearly almighty in an agricultural society. The granting the exclusive right to exert such control.
Granting monopolies in concession constitutes a market-conform alternative to taxation for the state, while the crown sometimes bestowed a monopoly as an outrageous gift. (metonymically) The thus controlled. (metonymically) The (person, company or other) of such domination in one of the the above manners. A condition in which a single company is the exclusive manufacturer of a product or provider of a service or controls an entire industry, thereby allowing the company to fix prices.
A monopolistic condition can arise when a company invents and patents a product that is so compelling that an entire industry builds up around it. If the company continues to develop and patent further versions of the product, it can extend that monopolistic condition, perhaps acquiring or overwhelming competitors. Natural monopoly, a concept developed by political economist John Stuart Mill (1806.
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March 2023
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