Why is monopoly bad for society?

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Why is monopoly bad for society?

CALLIE

a monopoly can dictate prices for goods and services. there is no competition, and so, no free enterprise.

cpd401

(1) it interferes with efficient pricing in a competitve marketplace (leading to higher prices than a conventional supply and demand model)
(2) it concentrates economic power is the hands of a small minority
(3) it inhibits creativity and innovation that would bring new and better produces into the marketplace (which would threaten the monopolist's advantage)

you may also want to consider the impact of oligopoly (a market dominated by a small number of large organizations ... like car makers ... where the barriers of entry are similar to a monopoly but there is a degree of competition within limited bounds among the oligopolists)

oh kate!

Hey, I love that game! lol

vishnusharma999

think urself with the following eg.
lets say there is monopoly of airtel in telecommunications den whatever it will charge u will have to pay or dont have a connections
so it will build frustation in u & it will b harmful 4 whole community

redunicorn

It allows prices to become too high in an area such as Microsoft Software prices.

always a friend

Is a monopoly a company control all prices and improvement to the product. They don't have to make it cheaper or better,because it is the only game in town. There are some thing that need to be standardized like roads, education and electricity. that is why we
have government control on these industry to keep them consistent. the biggest problem we face with monopoly is in government the 2 parties are so much alike that they act like a monopoly. We never get any improvements and we have to pay a high price for everything the government does.

ill answer you

well it leads to control of only one person

psoeffing

Because monopolies can set their own prices and have control of market supply and demand

clcalifornia

I assume your not talking about the board game. LOL
Monopoly is bad becasue if only one company did, lets say phones they cuold raise the prices higher and higher because no one is in compitition with them. Also a monolopy doesn't encourage healthy compitition;
Also without compitition ,a company isn't concerned with upgrading their product or service.

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