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What is a market structure in which a few large firms dominate a market?
a monopoly
Is public education a natural monopoly?
Yes public education is a natural monopoly because it is a market that runs most efficiently when 1 large firm supplies all of its output.
What kind of market runs most efficiently when one large firm supplies all of the output?
a natural monopoly
What term is used to describe a business that becomes so large it literally swallows up the competition?
MONOPOLY
What is the difference between monopoly and monopolistic competition in the context of diamond market?
Monopoly means a market situation in which there is only a single seller and large no. of buyers. whereas monopolistic competition is a market situation in which there is large no. of sellers and large number of buyers. In monopolistic competition, close substitutes are there in the sense that products are different in terms of size, color, packaging, brand, price, etc. as in the case of soap, toothpaste, etc. In monopoly, there is no close substitute of the good, if any, it will be a remote substitute. In monopolistic competition, there is aggressive advertising but in monopoly, there is no advertising at all or a very little. In monopolistic competition, demand curve faced by the firm is more elastic because of availability of close substitutes. It means if a firm raises its price, it will lose its large market share as customers in large will shift to close substitutes present in the market. In monopoly, the demand curve faced by the firm is less elastic because of no close substitutes. It means if the firm raises its price, demand will not fall in a large quantity as it is only one in the market.
What will be the consequences if a large airline comes to domiante global air?
If a large airline begins to dominate global airlines, it could create a monopoly. A monopoly can result in higher prices and poorer service.
A large business that controls the supply andor sale of a product?
A monopoly.
What is a market structure in which a few large firms dominate a market?
a monopoly
The control of a commodity or service by a small number of large powerful companies is called?
monopoly
Is public education a natural monopoly?
Yes public education is a natural monopoly because it is a market that runs most efficiently when 1 large firm supplies all of its output.
What term is used to describe a business that becomes so large that it literary swallows up the competition?
Monopoly
How many types of monopoly exist in the market?
There are four main types of monopoly in the market: natural monopoly, geographic monopoly, technological monopoly, and government monopoly.
What kind of market runs most efficiently when one large firm supplies all of the output?
a natural monopoly
What market works runs most efficiently when one large firm supplies all output?
natural monopoly =)
Why might the government try and prevent a large company from buying a smaller company?
To prevent a potential monopoly from forming.
Kinds of monopoly?
There are many different types of Monopoly. I can name a few. : Monopoly Monopoly Spongebob Squarepants Edition Monopoly Disney Pixar Edition Monopoly Junior
What term is used to describe a business that becomes so large it literally swallows up the competition?
MONOPOLY
