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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
What is the purpose of a monopoly?
The purpose of a monopoly is to have control of the entire section of a part of the economy. If someone has a monopoly over a certain thing they are the only people who can provide that service or product so they will have the ability to make their prices really high.
Ex. if one company owned all the gas stations in a 50 mile radius they could sky rocket their gas prices and people would still buy gas from them because they have nowhere else to buy gas.
Did the Church have a virtual monopoly on medieval education?
1st Answer:
A virtual monopoly on learning was held by monks in monasteries.
2nd Answer:
In the first half of the Early Middle Ages, most schools in Western Europe were operated either by cathedrals or monasteries. There were exceptions, and we know of state run schools. Beverley Grammar School, in Yorkshire, was opened as a state run school in the year 700, as we know because remains open today. Both Charlemagne, who died in 814, and Alfred the Great, who died in 899, promoted secular education. Also, a number of people were educated privately by tutors. Nevertheless, monastery and cathedral schools tended to be the most important sources of education in Western Europe for a long time.
Western European Universities started to open in 1088 with the University of Bologna. These were divided into three groups, those that were run by the church, those that were run by the state, and those that were run independently of both. The University of Paris was Church run, Oxford and Cambridge were operated with state support, and the University of Bologna was run by students and teachers.
Shortly after the beginning of the 13th century, new types of schools called abacus schools began to operate in Western Europe, especially in Italy. These schools came into existence because of the introduction of Arabic numerals, which made mathematics much easier, but created a demand for education. The schools were privately run, and were aimed at teaching people who were in trade. They taught arithmetic, but they also taught geometry, and they taught reading and writing in the vernacular language. Some number of these schools taught both boys and girls, because women of the time were expected to be able to tend the family business in the absence of their husbands.
In the Byzantine Empire, there was a system of primary education, which was opened in 425 AD, and continued to operate until 1453. The schools in the system were secular, coeducational, and operated at the village level. They was intended to make sure soldiers were literate, but seem to have been open to everyone. The University of Constantinople, which was also started 425, as a school for higher education, evolved into a university. Similar Byzantine Universities were in Antioch and Alexandria. They do not usually appear on lists of medieval universities, possibly because they did not have precisely the same form as Western universities, or possibly because they did not have the same sort of charters.
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Is southern California Edison a monopoly?
yes it is. however regulated it is a for profit company and its product cost on average %25-%40 more then non profit public utilities.
no.. oil is a black liquidy substance that is used for fuel.
What are the benefits of a natural monopoly?
A monopoly is the means by which competive markets interact. An intermediary of competition among driving forces in any market sector. Some advantages of having a monopoly are; the ability to function in a complex market mechanism by ways of competition towards a puremonopoly, profit sharing firms exist in monopoly as they strive toward puremonopoly, oligopolistic competition, competitive edges cause markets to increase their barriers to entry and promote future advances in market sectors thereby promoting growth in economics. Without a monopoly, production will cease to be effective and supply/demand will flatline.
Why is a monopoly price maker but perfectly competition a price taker?
The answer to your question is quite complex, but in a very basic sense a monopoly faces no competitive constraints in the market. Under pure competition a firm can only charge the price that consumers are willing to pay. If you and I both own perfectly competitive coffee shops and I charge $1 for a cup of coffee while you are charging $2, the number of cups of coffee demanded at your shop will decrease while mine increases. I'll increase my supply as a result, and wind up raking in the cash. This will mean that you make a lot less money, and eventually you will have to change your price in order to make profits. In other words, you must TAKE the price that consumers are willing to pay, or they'll just go to other places. On the other hand, if you own the only coffee shop on the planet, you could charge whatever price you like since you control supply. No other firm can pop up and supply coffee at a lower price than yours because all of the coffee in the world comes from you. The bottom line is: a monopolist can set the industry supply curve wherever they please since they control all output, which means supply will intersect demand wherever the monopolist wants it to (which will be at the quantity where marginal revenue equals marginal cost, but that's a different story). This is by no means a complete answer, but I hope it helps.
to answer that question business owned every thing that they needed and they expanded their factories they didn't have any competition
Can a monopoly practice price discrimination?
The monopolist pricing condition occurs where marginal cost equals marginal revenue. The monopolist does not follow usual demand or supply curves. It instead optimises its total profit by setting its production decision (aka - how many units) to where the marginal profit of the last unit equals 0, then 'marking-up' the price by setting it directly above this equilibrium on the original demand curve. The total profit derived from this condition is called the monopolist profit.
How does a corporate monopoly impact competition?
Monopolies harm the economy because the products of the monopoly can be inferior and because it restricts free trade. also, it makes it nearly impossibe for a small business in the same industry to be successfull because the monopoly's prices are usually lower than is possible for a small business to set without losing money.
What is an example of a natural monopoly?
In economics, a natural monopoly occurs when, due to the economies of scale of a particular industry, the maximum efficiency of production and distribution, realized through a single supplier Read more: What_is_natural_monopoly
What monopoly corporations exist in the US?
There are a number of legal monopolies in the US. One is the postal service. Sure, there are several courier services, but only one official mail service. Could you imagine if you had to put up 10 different mail boxes, one for each mail carrier? The power company, water company, and fire departments are others.
How did muckraker Ida tarbell describe standard oil?
It led to the breakup of the company as a monopoly.
Is a monopoly against the law?
Probably so no one person or group can gain too much power economically. If only one brand of a certain product it being sold, then whoever owns the brand can make their product as expensives as they want, because there's no competition offering the same product for a lower price. They can also make it at a low quality, as there is no competition to make the same product at a better quality. Probably so no one person or group can gain too much power economically. If only one brand of a certain product it being sold, then whoever owns the brand can make their product as expensives as they want, because there's no competition offering the same product for a lower price. They can also make it at a low quality, as there is no competition to make the same product at a better quality.
cartels, monopolies, trust, and horizontal and vertical integration all share the goal of
What are the benefits in microeconomics?
Microeconomics focuses on the behavior of the individual's choice in allocating and dealing with scarcity, the major factor in economics. Small firms also belong to the individual group and thus are being studied by microeconomics.
One defining characteristic of pure monopoly is that?
Monopoly is achieved when a business has no single competitor in the market.This is usually due to high cost of venturing, government regulations and also hostile takeovers by the strongest firm in the market thus eliminating competition completely.
What is a horizontal integration monopoly?
A company that tries to control the competition in a single step of the production process. :>
What is the number of firms in a monopoly?
Mono means one
So monopoly means one business controls all of a market.
What is a monopoly and what are the benefits to owning a monopoly?
A monopoly is when you own/dominate an industry.eventually you will be so powerful you will either buy out competitors or run them out of business.After you do that you are the only person that is able to provide your services.So since you are the only one standing you can name your price and the customer will have to pay you.no one else just you.NOTE:it is now illegal to own a monopoly
What is monopoly and its causes?
Monopoly by definition is a kind of industry that a sole company is only working at present an example, in a city where there is only one supplier of electricity. This may be not beneficial for the country as a whole because in a monopolistic business, the government usually intervenes and set boundaries that somewhat limits the capacity of the company to accelerate more.
What does monopoly employing horizontal integration mean?
A monopoly employing horizontal integration means what?
A monopoly is a business who makes unique products and have very little to no competition because of it. Apple is a monopoly because only Apple manufactures the iphone, ipad, and itunes. Although people try to compete, no one can make the exact product but Apple.
I don't know of a tobacco monopoly but I guess Newport is the closest thing, followed by Marlboro, of course.
