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What is it called when a business is in compete control over the supply of a product?
That's called a 'monopoly' - Since they are the only supplier of the product - they can fix the price.
What explains the meaning of monopoly?
The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product., Exclusive possession; as, a monopoly of land., The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France.
How are a monopolistic firm and a competitive firm similar?
Monopoly means that there are no competitor for your product or servises
What is a near monopoly?
A monopoly is when one store has an important piece of merchandise that no other store has, so they increase the price on that product thus making more money than the other stores. This is now illegal in the U.S
Why is it that the monopolist can control the price but cannot control the market explain?
A monopoly is when only one firm produces a given product. In the absence of any competition, they can set whatever price they desire for it, since the customer can not get the product anywhere else. However, they can not control the market. If nobody wants to buy the product, then it does not matter how much or how little it costs, nobody will buy it anyway. Likewise, while a monopoly will never lose sales to lower-priced competition, they can price consumers out of the market by making the price so high that the customer can't afford it or won't pay for it.
What is it called when a business is in compete control over the supply of a product?
That's called a 'monopoly' - Since they are the only supplier of the product - they can fix the price.
How does monopoly fix its price?
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How does a monopoly fix its price?
mw3
How does a monopoly violate the consumer's right to choose?
by monopoly thebmanufacturers can fix any amount as price and poor consumers can't bear it.
What explains the meaning of monopoly?
The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product., Exclusive possession; as, a monopoly of land., The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France.
The complete control of a product or service by a single company?
monopoly
How are a monopolistic firm and a competitive firm similar?
Monopoly means that there are no competitor for your product or servises
What is a near monopoly?
A monopoly is when one store has an important piece of merchandise that no other store has, so they increase the price on that product thus making more money than the other stores. This is now illegal in the U.S
What term is used to describe a business that becomes so large that it swallows up the competituion?
monopoly ================================================== A monopoly happens when an enterprise, group, person, has control over a product/service in a particular area. The enterprise can fix pricing and push-out competitors.
Why is it that the monopolist can control the price but cannot control the market explain?
A monopoly is when only one firm produces a given product. In the absence of any competition, they can set whatever price they desire for it, since the customer can not get the product anywhere else. However, they can not control the market. If nobody wants to buy the product, then it does not matter how much or how little it costs, nobody will buy it anyway. Likewise, while a monopoly will never lose sales to lower-priced competition, they can price consumers out of the market by making the price so high that the customer can't afford it or won't pay for it.
What is control Of the supply of a product or service?
It is a Monopoly.
Is a monopoly good or bad for consumers?
Monopolies are typically considered bad for consumers.
