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If you were the only one that sold (produced) the product, then you could sell it for whatever you wanted. There would be nothing to compare it to. Therefore, you could get more money out of it than if there was someone else producing the same product. More competition means varied prices.
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When a single person has the ability to influence market prices it is known as?
competition
What is the explanation for the features of monopolistic competition?
Existence of large firms, no competition and influence over the prices are some of the characteristics of monopolistic competition.
What is the opposite of pure competition?
The opposite of pure competition is monopoly. In a monopoly, a single seller dominates the market, controlling prices and supply without competition. Unlike pure competition, where many firms offer identical products and no single firm can influence market prices, a monopolistic market can lead to higher prices and reduced choices for consumers. Other forms of market structures, such as oligopoly and monopolistic competition, also differ from pure competition but do not have the same level of market control as a monopoly.
Why were many people opposed to the creation of monopolies and trusts?
Trusts put smaller competitors out of business using unfair tactics. Trusts could unfairly raise prices since they had no competition. Trusts had too much influence on government officials.
A major characteristic of monopolistic competition is that prices will be .?
higher than in perfect competition
When a single person has the ability to influence market prices it is known as?
competition
What is the explanation for the features of monopolistic competition?
Existence of large firms, no competition and influence over the prices are some of the characteristics of monopolistic competition.
What is the opposite of pure competition?
The opposite of pure competition is monopoly. In a monopoly, a single seller dominates the market, controlling prices and supply without competition. Unlike pure competition, where many firms offer identical products and no single firm can influence market prices, a monopolistic market can lead to higher prices and reduced choices for consumers. Other forms of market structures, such as oligopoly and monopolistic competition, also differ from pure competition but do not have the same level of market control as a monopoly.
Why were many people opposed to the creation of monopolies and trusts?
Trusts put smaller competitors out of business using unfair tactics. Trusts could unfairly raise prices since they had no competition. Trusts had too much influence on government officials.
Why did some people believe that lack of competition would hurt consumers?
Theoretically, competition keeps prices low because various firms vie for the business of consumers. When they compete, they attempt to win a larger market share by lowering prices. Therefore, if competition is lacking, prices will increase. Take a monopoly for example. No competition means they can set really high prices.
How consumers benefit from competition among businesses?
competition leads to lower prices
A major characteristic of monopolistic competition is that prices will be .?
higher than in perfect competition
How do consumers benefits from competition among business?
competition leads to lower prices
A major characteristic of monopolistic competition is that prices will be _____.?
higher than in perfect competition
What happens if competition decreases in a certain industry?
Competition helps to keep the quality high and prices down. If competition decreases, the quality can go down and the prices can go up in that industry.
Why were many people opposed to the creation monopolies and trust?
Trust could unfairly raise prices since they had no competition
What is the relationship between the number of firms and influence over price?
The relationship between the number of firms in a market and their influence over price is inversely proportional. In perfectly competitive markets, a larger number of firms leads to greater competition, which typically drives prices down as firms cannot set prices above market equilibrium. Conversely, in markets with fewer firms or monopolies, firms have more power to influence or set prices, often leading to higher prices for consumers. Thus, as the number of firms increases, their individual influence over pricing diminishes.
