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A monopoly is a market structure where a single seller or producer dominates the supply of a product or service, effectively controlling the entire market. This lack of competition allows the monopolist to set prices and dictate terms, often leading to higher prices and reduced consumer choices. Monopolies can arise due to various factors, including government regulation, control of essential resources, or technological advantages. They are often subject to regulatory scrutiny to prevent abuse of market power.
What else can I help you with?
What is the age restriction for monoploly?
Age 8
What is the primary goal of both monoploly and a cartel?
To make as much money as possible and to control their sector.
What does a monoploly do?
It takes control of one service or industry. In the 1960’s a telephone company called Pacific Bell owned all the phone services. If you wanted a phone you had to buy or rent one from them or if you wanted phone service you had to get it from them. This was a monopoly because they controlled the services and could set what you paid with no competition. In the 1980’s Pacific Bell was broken up, but today it has morphed into an even larger monopoly that is now known as ATT&T. They now own not only phone services, but cell phone companies and other services. Thus, consumers are still not able to get the best deals for phone or cell services. As long as a monopoly is able to control a sector of services or industries the price of those items doesn’t have competition and the consumer pays more in the long run. Years ago there were 10 or more airlines, but today there are 4. It is the same with TV, news, publishing, movies, radio, cable, and internet are owned by 5 companies. Ten years ago it was a dozen or more. That means that consumers don’t get a variety of viewpoints and that prices are set by 5 companies . These companies make millions and the consumers loose in the long run.
