Monopolies

Questão	Responda
Monopolies	A monopoly is a dominant firm in one industry leading to the point of little to no competition Characteristics -High barriers to entry as it means firms cannot just join the market -Single seller: they are the only seller on the market -Price maker: Firms decide the price for consumers without risk of competitors matching it -Economies of scale: A monoploy can buy huge quantities of the raw materials at a discount
Types of monopolies	Pure monopolies - a firm is the only seller in the market with no other close substitutes, e.g Windows desktop Natural Monopolies -a natural monopoly develops as a sector that has high startup or fixed costs or is high specialized can produce a monopoly
Monopoly diagram	Image: Mpetition In The Short Run (image/svg+xml)

Resumo de Recurso

	Criado por Matthew Battell aproximadamente 3 anos atrás