0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Can monopolist set a high price for product and still enjoy a high level of demand?
Monopolies can exploit their position and charge high prices because consumers have no alternative. High prices may affect a high level of demand though depending on how consumers react to the high prices.
What are high prices often caused by?
low supply high demand.
What were formed with the goals of eliminating competitors and increasing their own profits?
These were monopolies and trusts. The owners of these wanted to be the only distributors so they could raise the prices as high as they wanted.
Is a monopoly good or bad for consumers?
Monopolies are typically considered bad for consumers.
How did monopolies harm consumers?
Monopolies harmed consumers in the sense that they had complete control over a certain market. They can increase prices as they wish and since there is no competition, consumers are forced to pay these high costs. Monopolies also harm consumers because the lack of competition leads to the lack of innovation which therefore causes no improvement in products. Lastly, products can be made of low quality but since there is no competition people will be forced to buy them.
What were formed with goals of eliminating competitors and increasing their own profits?
These were monopolies and trusts. The owners of these wanted to be the only distributors so they could raise the prices as high as they wanted.
Can monopolist set a high price for product and still enjoy a high level of demand?
Monopolies can exploit their position and charge high prices because consumers have no alternative. High prices may affect a high level of demand though depending on how consumers react to the high prices.
What are high prices often caused by?
low supply high demand.
What were formed with the goals of eliminating competitors and increasing their own profits?
These were monopolies and trusts. The owners of these wanted to be the only distributors so they could raise the prices as high as they wanted.
Is a monopoly good or bad for consumers?
Monopolies are typically considered bad for consumers.
Why are monopolies generally not permitted?
Monopolies are generally not permitted because if one company has control of an entire sector of the market they will have the ability to raise their prices extremely high, and everyone would be forced to pay that price because they have nowhere else to go for the service or product. Basically it is unfair for the customers.
How did monopolies harm consumers?
Monopolies harmed consumers in the sense that they had complete control over a certain market. They can increase prices as they wish and since there is no competition, consumers are forced to pay these high costs. Monopolies also harm consumers because the lack of competition leads to the lack of innovation which therefore causes no improvement in products. Lastly, products can be made of low quality but since there is no competition people will be forced to buy them.
What is the likely result of deflation a. economic growth b. high unemployment c. rising prices d. high tax rates?
b. high unemployment
What happens to prices set below market equilibrium?
There are a number of things that will happen to prices set below market equilibrium. They will cause a high demand and this will result in limited supply due to the low prices.
Was money a problem of Elizabeth 1?
Money was one of Elizabeth's greatest problems. She had to sell monopolies. These gave very special trading rights to the merchants if they paid huge amounts of money to the queen. Merchants with monopolies put prices up to get more money. The people were furious, because it seemed as if the queen was taxing them without parliament arrangement. Elizabeth needed parliament to raise taxes for the war against Spain. Parliament usually granted taxes but it hated monopolies. Everyone knew the queen had the write to sell monopolies and that she needed the money, but it did not seem fair people were angry at high prices and high taxes. Elizabeth was risking he popularity she seemed to be giving up many monopolies. She seemed to be giving in to the Mp's However she kept their respect by making a special speech to parliament.
What abuses gave rise to consumer advocacy?
companies could afford to ignore consumers' wishes because there was so much demand for their goods and services. As a result, they were often able to command high prices for products of poor quality
The rapid growth of algae in water is often the result of a high concentration of which biochemical?
phosporous
