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Monopoly (Business)
The term monopoly is derived from the Greek words 'mono' which means single and 'poly' which means seller. So, monopoly is a market structure, in which there is a single seller. There are no close substitutes for the commodity it produces, and there are barriers to entry.
628 Questions
No there are other online auction sites just none that are as big as ebay is.
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webstore
online auction
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To break up the Standard Oil Company of New Jersey under the 1911 Sherman Anti-Trust Act.
resource : http://womenshistory.about.com/od/tarbellida/p/ida_tarbell.htm
What best describes the market structure of a monopoly?
A monopoly is when a market has many buyers but only one seller.
What are the advantages and disadvantages of natural monopoly market structure?
Oligopoly involves market domination by a few firms.
- The abuse of market power, especially in pricing and output decisions, is typically associated with oligopoly, which is why many competition authority investigations involve the study of the behaviour of a small number of firms (often two in a merger) within a market.
- The internal relationships of firms in oligopoly involve constant scrutiny of the behaviour, or predicted behaviour, of others, and an attempt to keep, or maintain, a market advantage.
- Acting alone can lead an oligopolist into market danger, so there is a constant temptation to form 'agreements', either formal or informal, with other firms to reduce uncertainty.
Why government monopolies allowed?
when a producer have permit/copyright and no anyone know about his product or technology except him and this product/service for welfare of society or it fulfills many requirements of consumers.
How much is a 1941 monopoly game worth?
You can also check out www.ValueMyCollection.com for pricing information on any collectibles.
Why did powerful capitalists form monopolies and trusts?
The government had to pass the anti trust law to restrict trusts and monopolies to protect the value of the consumer dollars. The Anti trust laws help to promote a free and fair trade marketplace competition.
A situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition, which often results in high prices and inferior products.
Did Ida M Tarbell have any siblings?
No.
From Charlotte Perkins Gilman: New Texts, New Contexts: "Who today would believe that Ida Tarbell, a famous, college-educated, single, childless, self-supporting, and self-sufficient writer and editor, would be a vocal anti-feminist and anti-suffragist?"
When Which one of the following is true about a firm with a natural monopoly?
A natural monopoly is likely to arise when economies of sale exist over the relevant range of demand.
Good because it allows you to charge outrageously high prices from buyers who have no choice but to buy from you. You can also save money by providing very poor service to your customers. You may be able to buy things cheaper because your vendors have no one to sell to but you. You may be able to pay specialized workers less because they have nowhere else to work with their particular skills.
Thus monopoly helps you become rich at the expense of others. Some people would call that good. Others might not.
Why did Rockefeller create a monopoly?
The key was vertical integration. The Rockefellers were able to control all upstream and downstream activities. From production to treatment to distribution. Their railroads could refuse to carry competitors' oil, etc.
The long answer can be found by searching "Rockefeller Antitrust."
Example of pure monopoly in the Philippines?
The Meralco Electric Company is a perfect example of monopoly in the Philippines
Yes. Apple Inc. has made themselves into a monopoly by requiring users to use only apps purchased through them. The next thing you will see to further prove this is Apple rolling out a plan to remotely disable jail broken phones. Ridiculous! Can you image if you bought a toaster and the toaster maker said that you could only toast their brand of bread in it or they would come to your house and permanently unplug it. Just my thoughts... but it seems that once you purchase an item with your own money it should become yours to do with what you wish.
But back in the real world:
No Apple is not a monopoly. They make computers, MP3 players, Mobile phones etc. Many other companies operate in these markets and the consumer is free to choose which product they wish to buy.
Monopoly is opposite of perfect competition?
Monopolies occur when a company is so good at something no one can compete. They may be good at the product. They may offer a service that no one can compete with. They, unfortunately, may be very good at stifling the competition through dishonest means.
The great thing about monopolies though is that they eventually fail unless supported by the government.
What are disadvantages of monopoly?
Note: these arguments are normative to a large degree, and constitute the opinion of some authors.
1. Oligarchies form uneven relations of power and, in doing so, use state power for their own ends and not to the betterment of the public.
2. Oligarchies do not grant even access to the state and, in doing so, may be procedurally unfair, especially if people have a moral reason to have access to the state.
What are the 3 attributes of monopoly?
The following are the characteristics of Monopolistic Competition:
1. Large Number of Sellers
There are large number of sellers producing differentiated products. So, competition among them is very keen. Since number of sellers is large, each seller produces a very small part of market supply. So no seller is in a position to control price of product. Every firm is limited in its size.
2. Product Differentiation
A central feature of monopolistic competition is that products are differentiated. There are four main types of differentiation:
- Physical product differentiation, where firms use size, design, colour, shape, performance, and features to make their products different. For example, consumer electronics can easily be physically differentiated.
- Marketing differentiation, where firms try to differentiate their product by distinctive packaging and other promotional techniques. For example, breakfast cereals can easily be differentiated through packaging.
- Human capital differentiation, where the firm creates differences through the skill of its employees, the level of training received, distinctive uniforms, and so on.
- Differentiation through distribution, including distribution via mail order or through internet shopping, such as Amazon.com, which differentiates itself from traditional bookstores by selling online.
3. Freedom of Entry and Exit
This feature leads to stiff competition in market. Free entry into the market enables new firms to come with close substitutes. Free entry or exit maintains normal profit in the market for a longer span of time.
4. Selling Cost
It is a unique feature of monopolistic competition. In such type of market, due to product differentiation, every firm has to incur some additional expenditure in the form of selling cost. This cost includes sales promotion expenses, advertisement expenses, salaries of marketing staff, etc.
5. Absence of Interdependence
Large numbers of firms are different in their size. Each firm has its own production and marketing policy. So no firm is influenced by other firm. All are independent. Each firm makes independent decisions about price and output, based on its product, its market, and its costs of production.
6. Two Dimensional Competition
Monopolistic competition has two types of competition aspects viz.
Price competition i.e. firms compete with each other on the basis of price.
Non price competition i.e. firms compete on the basis of brand, product quality advertisement.
7. Concept of Group
In place of Marshallian concept of industry, Chamberlin introduced the concept of Group under monopolistic competition. An industry means a number of firms producing identical product. A group means a number of firms producing differentiated products which are closely related.
8. Falling Demand Curve
Firms are price makers and are faced with a downward sloping demand curve. Because each firm makes a unique product, it can charge a higher or lower price than its rivals. The firm can set its own price and does not have to 'take' it from the industry as a whole, though the industry price may be a guideline, or becomes a constraint. This also means that the demand curve will slope downwards.
What is the clayton anti-trust act?
Clayton Antitrust act (1914):
designed to strengthen the Sherman Antitrust act of 1890 by declaring illegal certain corporate practices not included in the Sherman act
* The definiton of "unfair methods of competition" was expanded to include price discrimination, interlocking directories, purchase by on company of stock in competing corporations, and contracts limiting the right of purchasers to handle the products of competing companies * Officers of corporations were made liable for illegal acts of the corporation. * The use of injunctions in labor disputes was prohibited unless necessary to prevent damage of property. * Labor unions and agricultural associations were exempted from antitrust acts, and strikes, boycotts, and peaceful picketing were deemed legal processes
Why was AT and T considered a monopoly in the 1980s?
Until 1957 everyone in America used AT and T equipment and service
Possibly, but that would have been a common business practice.
How is an oligopoly different from monopoly?
- AR=MR
- normal profits in the long run
- large number of sellers
- free entry and excit ,as there are no barriers
- the seller is only the price taker
- perfectly elastic
- each firm is a part of the industry
