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Mono means one
So monopoly means one business controls all of a market.
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∙ 12y ago
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What is shared monopoly?
Shared or Joint monopoly refers to anticompetitive behaviour by firms, normally an oligopoly, in order to secure monopoly profits for the firms as a group. Essentially, shared monopoly requires some form of collusion but stops short of being a formal cartel. It is therefore similar to tacit collusion. In a shared monopoly firms may not compete for the same customers and have instead local monopolies.
What is a market structure in which a few large firms dominate a market?
a monopoly
Firms in which market structure hold the most market power?
Monopoly
What exists when a large number of firms produce goods that are similar but are perceived by buyers as being different?
Monopolistic competition is when a large number of firms produce goods that are similar but are perceived by buyers as being different. When the entire supply of a product is from one seller it is a monopoly.
What are two common barriers that prevent firms from entering a market?
Monopoly and Oligopoly are two barriers that prevent firms from entering the marketplace.
What is shared monopoly?
Shared or Joint monopoly refers to anticompetitive behaviour by firms, normally an oligopoly, in order to secure monopoly profits for the firms as a group. Essentially, shared monopoly requires some form of collusion but stops short of being a formal cartel. It is therefore similar to tacit collusion. In a shared monopoly firms may not compete for the same customers and have instead local monopolies.
What is a market structure in which a few large firms dominate a market?
a monopoly
Firms in which market structure hold the most market power?
Monopoly
When barriers prevent firms from entering a market that has a single supplier?
monopoly
Firms in Which market structure holds the most market power?
Monopoly
What is the legal Cartel Theory?
the legal Cartel theory suggests that some industries may seek to be regulated or desire that regulation continues, so that the number of firms is limited and the existing firms can act like a monopoly.
What exists when a large number of firms produce goods that are similar but are perceived by buyers as being different?
Monopolistic competition is when a large number of firms produce goods that are similar but are perceived by buyers as being different. When the entire supply of a product is from one seller it is a monopoly.
What are two common barriers that prevent firms from entering a market?
Monopoly and Oligopoly are two barriers that prevent firms from entering the marketplace.
Conditions that prevent the entry of new firms in a monopoly market are?
Barriers to entry.
What is the one main difference between a monopoly and an oligopoly?
Firms in oligopoly can set prices to a degree but must consider other firms' decisions.
What illegal economic function causes business firms to combine to prevent competition?
A cartel or monopoly causes business firms to combine to prevent competition.
What is the difference between oligo polistic competition and pure monopolistic competition?
In monopolistic competition, firms capture monopoly profits through specialisation of their product, making it non-substitutable with competing firms' products. In oligopolistic competition, this does not occur. Instead, three are three general outcomes: 1) firms collude to mimic a monopoly and share monopoly profits; 2) a dominant firm leads the market and sets the price; 3) firms compete freely and but take each other's decisions into account.
