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When can an industry that enjoys economies of scale easily become a natural monopoly?
because average costs drop as production rises
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where?
perfectly competitive industry become a monopoly， what changes
How di Standard Oil become an monopoly?
Standard Oil became a monopoly through aggressive business practices, including horizontal and vertical integration. By acquiring competitors and controlling various stages of oil production, refining, and distribution, it eliminated competition and achieved economies of scale. Additionally, John D. Rockefeller utilized secretive deals, rebates from railroads, and strategic pricing to undercut rivals. These tactics allowed Standard Oil to dominate the oil industry and significantly reduce competition by the early 20th century.
What is the process called by which economies and cultures are many nations become integrated and interrelated?
Globalization is the process by which economies and cultures are many nations become integrated and interrelated.
Briefly answer what is so bad about monopoly Can anything be good said about monopoly?
Advantages Of Monopoly* Research and Development. Supernormal Profit can be used to fund high cost capital investment spending. Successful research can be used for improved products and lower costs in the long term. E.g. Telecommunications and Pharmaceuticals. * Economies of scale. Increased output will lead to a decrease in average costs of production. These can be passed on to consumers in the form of lower prices. * International Competitiveness. A domestic firm may have Monopoly power in the domestic country but face effective competition in global markets. E.g. British Steel * A firm may become a monopoly through being efficient and dynamic. A monopoly is thus a sign of success not inefficiency.Source: Economic Help
Why can an industry that enjoy economies of scale easily become a natural monopoly?
Average costs drop as production rises. This is why natural monopolies are possible.
When can an industry that enjoys economies of scale easily become a natural monopoly?
because average costs drop as production rises
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where?
perfectly competitive industry become a monopoly， what changes
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where -?
perfectly competitive industry become a monopoly， what changes
Why do firms become monopolies?
Two main reasons: 1. There are greater profits to be gained by being a monopoly, either in the form of lower costs (economies of scale) or higher revenues (since all the industry demand is supplied by one company). 2. Less uncertainty. You don't have to worry about competition.
What is the difference between being a monopoly and attempting to become a monopoly?
Being a monopoly is to run the buissness but attemting is to be trying to get one but not have one
Why are industries regulated to prevent monopolies?
If one company were to become a monopoly then consumers would not have a choice as to who to give their money to. Consumer choice and competition are cornerstones of capitalist economies, and to preserve them we must put measures into place that prevent the rise of monopolies.
How di Standard Oil become an monopoly?
Standard Oil became a monopoly through aggressive business practices, including horizontal and vertical integration. By acquiring competitors and controlling various stages of oil production, refining, and distribution, it eliminated competition and achieved economies of scale. Additionally, John D. Rockefeller utilized secretive deals, rebates from railroads, and strategic pricing to undercut rivals. These tactics allowed Standard Oil to dominate the oil industry and significantly reduce competition by the early 20th century.
What is the process called by which economies and cultures are many nations become integrated and interrelated?
Globalization is the process by which economies and cultures are many nations become integrated and interrelated.
Which industry has caused many latin America governments to become unstable?
Natural resources (mining, agroindustry and oil) qualify as such.
All large modern economies have become mostly market economies because market economies provide?
the most efficient use of resources in producing what people want
Briefly answer what is so bad about monopoly Can anything be good said about monopoly?
Advantages Of Monopoly* Research and Development. Supernormal Profit can be used to fund high cost capital investment spending. Successful research can be used for improved products and lower costs in the long term. E.g. Telecommunications and Pharmaceuticals. * Economies of scale. Increased output will lead to a decrease in average costs of production. These can be passed on to consumers in the form of lower prices. * International Competitiveness. A domestic firm may have Monopoly power in the domestic country but face effective competition in global markets. E.g. British Steel * A firm may become a monopoly through being efficient and dynamic. A monopoly is thus a sign of success not inefficiency.Source: Economic Help
