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Unsatisfactory,discrimination etc

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2012-05-06 20:13:16
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Q: What are the effect of a country being mono economy?
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What would the national economic development authority director do to solve the unfavorable balance of payments?

There exists nothing to do at least for now in that Nigerias' economy is a mono culture economy,which is the bedrock of all corrupt practices.

How many firms are in a monopoly?

Mono means one So monopoly means one business controls all of a market.

What is monopoly and its causes?

A monopoly is a trade market controlled by only one company, hence the prefix mono which means one. Its cause is greed. By being the only supplier of a good or service, the price is not competitive. The company can overcharge and needs not fear losing revenues to competing companies, because there are no competitors.

Give you give me an example of a monopoly?

Mono refers to one. A monopoly means that one person or on family possesses or own everything or many businesses.

What are the characteristics of monopoly?

· The Word Mono Means Single Poly means seller· The first and foremost important feature is there will not be any close substitute· There is no free entry and exit because of some restrictions.· There is a complete negation of competition.· Monopolist is a price maker.· Since there is a single firm, the firm and industry are one and same i.e. firm coincides the industry.· Monopoly firm faces downward sloping demand curve. It means he can sell more at lower price and vice versa. Therefore, elasticity of demand factor is very important for him.Kinds / Types / Classification of Monopoly ↓1. Perfect MonopolyIt is also called as absolute monopoly. In this case, there is only a single seller of product having no close substitute; not even remote one. There is absolutely zero level of competition. Such monopoly is practically very rare.2. Imperfect MonopolyIt is also called as relative monopoly or simple or limited monopoly. It refers to a single seller market having no close substitute. It means in this market, a product may have a remote substitute. So, there is fear of competition to some extent e.g. Mobile (Cellphone) telcom industry (e.g. vodaphone) is having competition from fixed landline phone service industry (e.g. BSNL).3. Private MonopolyWhen production is owned, controlled and managed by the individual, or private body or private organization, it is called private monopoly. e.g. Tata, Reliance, Bajaj, etc. groups in India. Such type of monopoly is profit oriented.4. Public MonopolyWhen production is owned, controlled and managed by government, it is called public monopoly. It is welfare and service oriented. So, it is also called as 'Welfare Monopoly' e.g. Railways, Defence, etc.5. Simple MonopolySimple monopoly firm charges a uniform price or single price to all the customers. He operates in a single market.6. Discriminating MonopolySuch a monopoly firm charges different price to different customers for the same product. It prevails in more than one market.7. Legal MonopolyWhen monopoly exists on account of trade marks, patents, copy rights, statutory regulation of government etc., it is called legal monopoly. Music industry is an example of legal monopoly.8. Natural MonopolyIt emerges as a result of natural advantages like good location, abundant mineral resources, etc. e.g. Gulf countries are having monopoly in crude oil exploration activities because of plenty of natural oil resources.9. Technological MonopolyIt emerges as a result of economies of large scale production, use of capital goods, new production methods, etc. E.g. engineering goods industry, automobile industry, software industry, etc.10. Joint MonopolyA number of business firms acquire monopoly position through amalgamation, cartels, syndicates, etc, it becomes joint monopoly. e.g. Actually, pizza making firm and burger making firm are competitors of each other in fast food industry. But when they combine their business, that leads to reduction in competition. So they can enjoy monopoly power in market.

Related questions

What is a mono economy?

a mono-economy is a economy relying on one major export or natural resource to bring most of the currency into the country.

What is the difference between mono product economy and import oriented economy?

Describe Nigeria's economy as Mono-product and import oriented economy

What is mono cultural economy?

An economy that depends primarily on one product.

Does Nigeria practice mono economy?


What is mono economy?

It refers to an economy, a national economy, which relies almost exclusively on the production and export of a single product

What is the definition for the prefix mono?

Mono being one; singular

What body system does mono effect?

the liver.

What does the effect of mono synchron do in Yu-Gi-Oh?

Mono Synchron's effect says that if it is used as a Synchro component, the other components must be Lv4 or lower Machine or Warrior-type monsters, and they will count as being Lv1. So for example, Formula Synchron could be synchro summoned using Mono Synchron and any Lv4 or lower Machine or Warrior, as they will count as being Lv1, so 1 + 1 = a Lv2 Synchro.

What is the harmful effect of carbon mono oxide?

Why is it poisons people

Can leukemia be mistaken for mono?

I don't know about leukemia being mistaken for mono, but when my mom had mono, it was so severe that it was mistaken for leukemia.

How long should you avoid people after being diagnosed with mono?

depends on what type of mono. Monobrow or...?

Does mono weaken the immune system?

Yes. But it does not hold a permanent effect.

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