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Additional Details
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Emily | What is a monopoly and how is and how one is formed? |
is there also a example today of a company that has formed a monopoly. Is this good for the business? What about the consumer?
Thanks. |
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Downfall of H
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In economics, a monopoly exists when a specific individual or enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it. Monopolies are thus characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods. The verb "monopolize" refers to the process by which a firm gains persistently greater market share than what is expected under perfect competition. |
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ohh_herro
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A monopoly is a company that doesn't have competition. This can be by design or happen due to a market condition. A good example of a monopoly is an electric utility. they have no competition in a given area because it is too expensive and the grid couldn't support that.
A monopoly is good for business, bad for the consumer. In the case of a utility, the State tries to protect the consumer by requiring oversight by the State. |
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ANDREW L
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"In economics, a monopoly (from Greek monos , alone or single + polein , to sell) exists when a specific individual or enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it.[1]"
Monopolies are most often formed by Governments granting such permission. Hundreds of years ago this was done to generate income for the Government or have power over it. In modern times it is often to allow capital intensive businesses to serve a particular area with a service. Examples would be utilities, telephone companies, railroads etc.
Generally it is good for business as it can generate steady income but it can also lead to stagnation and they are then victims to new technologies that replace them. Consumers can lose, if the monopoly is not well regulated by the Government as prices may be higher. On the other hand consumers may be denied a service if a monopoly did not exist to allow the business to make the capital investment in the first place.
In some areas of technology companies have almost monopolies. Microsoft with their dominance of the personal computer operating system market place almost has a monopoly. This has resulted in lawsuits, government actions and the rise of alternatives such as Linux and increased interest in the Mac OS. |
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Devil P
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A monopoly is a market condition in which a single seller controls the entire output of a particular good or service. A firm is a monopoly if it is the sole seller of its product and if its product has no close substitutes. Close substitutes are those goods that could closely take the place of a particular good; for example, a Pepsi soft drink would be a close substitute for a Coke drink, but a juice drink would not. The fundamental cause of monopoly is barriers to entry; these are technological or economic conditions of a market that raise the cost for firms wanting to enter the market above the cost for firms already in the market or otherwise make new entry difficult. If the barriers to entry prevent others firms from entering the market, there is no competition and the monopoly remains the only seller in its market. The seller is then able to set the price and output of a particular good or service.
A monopoly, in its pure form, is actually quite rare. |
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REPRVZ
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A monopoly is a business that has no competitors. The government usually tries to stop them because if they have the market then they can control the price, but there are monopoly's that the government allows like water cable and power companies. |
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Kevin R
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A monopoly is a business with 100% market share, no competition. It has the ability to set its own price for its products no matter how much they cost to make. They are illegal in the US because the consumer is forced to pay those higher prices.
I guess the most successful NEAR-monopoly is Microsoft. Uncle Sam tried to break it up, as they did AT&T in the 70's, but failed because of the internet and some pretty wonderful philanthropy. |
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