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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
How do you make monopoly money fast?
Acquire a full set of properties as quickly as possible and build up houses on them until you have a hotel. Just a few landings on this built up property will bring in tons of cash.
Aim towards the green/blue properties - those bring in the most money. Don't bother building hotels on the light-blue and brown properties.
Andrew Carnegie was one of the wealthiest men during the 1800's, he revolutionized the steel industry during the era of railroad expansion. He was rich. This was because he had lots of business with the industries and he sold steel at very low prices.
Emma - The Life of Andrew Carnegie in a little more detail....
Andrew Carnegie was the son of a handloom weaver
He was born in Dunfermline, Scotland, on 25th November, 1835.
The economic depression of 1848 convinced the Carnegie family to emigrate to the United States where they joined a Scottish colony near Pittsburgh.
Andrew began work aged 12 in a local cotton factory but continued his education by attending night school.
At 14 Carnegie became a messenger boy in the local Pittsburgh Telegraph Office. His abilities were noticed by Thomas A. Scott, the superintendent of the western division of the Pennsylvania Railroad.
After the war Carnegie succeeded Scott as superintendent of the western division of the Pennsylvania Railroad.
Carnegie invested in many factories . The most important of these was Keystone Bridge, a company which he owned a one-fifth share.
Carnegie decided that steel would now replace iron for the manufacture of heavy goods.
Carnegie wrote a series of books including Round the World (1881), An American Four-in-Hand in Britain (1883) and Triumphant Democracy (1886), where he compared the egalitarianism of America with the class-based inequalities of Britain and other European countries.
The Carnegie Steel Company was valued at $25 million and was now the largest steel company in the world.
The Carnegie Steel Company continued to expand and between 1889 and 1899.
Carnegie now had a personal fortune of $225,000,000.
Carnegie set built 3,000 public libraries (380 of these in Britain), also included were the Carnegie Institute of Pittsburgh, the Carnegie Institute of Technology and the Carnegie Institution of Washington for research into the natural and physical sciences.
By the time Andrew Carnegie died in August, 1919, he had given away $350,000,000. A further $125 million was placed with the Carnegie Corporation to carry on his good works.
A Scottish born US steel industrialist turned philanthropist.
Is monopoly price a higher price?
Generally yes. In a monopoly they charge whatever price they choose because there is no competition.
Governments go to great lengths to limit the impact of monopolies. In theory they have complete control over the price but consumer consternation could lead to price regulation in sensitive areas.
Is a monopoly legal in America?
There are regulations. Monopoly means that there is one firm available to do a service. That is NOT illegal. If you are the only one who knows how to build a plane, you are the only one who can manufacture it. Monopolies are mainly done with patents, copyrights, etc. So if I can build a device that can make you fly, I don't have to tell everyone my secrets. I get get a patent. You can consider me a monopoly, but what I am doing is NOT illegal. Monopolies are also made, in a way, with government contracts. For example, if your city hires a company for water or electricity, that is the only company available in your area and therefore a monopoly, but NOT illegal, there is simply nobody else who can do the business. If however, you do not have a patent for something or you use a general idea and get everyone else out of business, then you are a monopoly that IS illegal.
How did trusts and holding companies created unofficial monopolies?
no
How rude of you. Someone please answer this question. please?
Why is a Monopoly markets undesirable RELATIVE to perfect competitive market discuss?
In Monopoly, there is no market power as the monopoly firm is the only supplier and holds pricing power. However in a perfect competitive market, prices are set by interaction of supply and demand. This is why monopoly markets are undesirable relative to perfect competitive market.
Is procter and gamble a oligopoly or a monopoly?
P&G is an oligopoly. Oligopoly is market where few players operate or control majority of the market share. Cell phone companies (only Sprint, Verizin, ATT, T-Mobile), auto insurance, retailers are some examples of this type. If you look at the consumable manufacturing companies, PG, Colgate, Unilever, Arm & Hammer are the companies that come play. These companies dominate the market share.
Do you have to roll both dice in monopoly?
No you can decide if you want to roll one or 2 of the dice.
Why is cable TV a natural monopoly?
A natural monopoly is characterized by an average total cost curve that is always decreasing. This is usually the result of very large fixed costs combined with relatively small marginal and variable costs. These conditions make a single producer more efficient than multiple smaller producers because the larger producer can spread out the large fixed costs over a larger number of outputs. Cable TV is generally considered to be a natural monopoly because a cable TV company requires a large amount of infrastructure, a fixed cost, to provide service to a single customer. Once this initial cost has been payed for, however, it is relatively inexpensive to extend service to an additional customer by simpling laying down a small amount of wiring.
What are the socialist monopoly rules?
In socialist monopoly the utilities and the transport spaces are all owned by the government as these are considered essential services and rent on these squares are lowered. However, this lack of income in rent is substituted by having much higher tax spaces.
There are more cards which make you pay for having hotels, houses and large amounts of property. Useful to losing players is that the money from passing 'go' is raised to meet the requirements of living expenses on the board (such as rent, etc) however if you are above a certain net income level then you no longer may claim any benefits from passing go.
Many have found socialism monopoly rules to be against the point of normal monopoly as due to the subsidies given to the poor, taken from the rich, players can take a lead but rarely bankrupt a player. Indeed, even if they do, another special rule allows such players to go on welfare. The government also cannot achieve a major controlling interest in the board as well as they are often hampered by their own in-effeciancies.
Often socialist monopoly reverts to regular monopoly, duopoly or a more liberal free market system as the players get sick of the excessive taxes.However, socialist monopoly has been known to become communist monopoly if enough players join the proletariat and rise up against their selfish landlords.
How do you characterize monopolies in the Philippines?
Due to the fact that monopolies have existed in the Philippines for so long, it's almost like a dictating relationship. Meralco is one of the major monopolies. Customers have no choice on what to pay, or who provides them their service. Complaints or not paying a bill, will automatically suspend or cut of your electricity.
Quasi-monopoly is a kind of monopoly where there is more than one service provider for a particular good/service but the nature of the competition is such that similar kind of service/pricing is offered to the customers.
Generally speaking, quasi-monopolies occur when the marketplace in question has several characteristics:
- There are a very few number (generally 4 or less) of very large suppliers
- The requirements of the market are such that there is an extremely high barrier-of-entry to be competitive; that is, large, well capitalized (and possibly vertically-integrated) companies cannot effective be challenged by any newcomer not of the same size. In essence, the market is impenetrable by smaller (and/or more innovative) companies.
- The type of product or service being produced leads to very little (if any) product differentiation between the companies in the market
- Pricing is thus more a factor of the lack of competition between the few existing companies, than it is supply/demand.
For instance, a good place where a quasi-monopoly can occur is aluminum production. Ownership of supplies of aluminum create a barrier to entry, and the extremely large amounts of capital (and large efficiency gains that being fully vertically integrated provide) required means that such industries tend to have only a couple of huge firms. The product (processed aluminum) is very straightforward. Thus, this is a marketplace where quasi-monopolies almost always exist, with seldom more than 2 or 3 companies in the entire market.
What are the reasons for General Motors dis economies of scale?
diseconomies have this and that which I hate you in.. than you
Who company is monopoly in Pakistan?
pakistan telecommunication company limited is a monopoly firm in pakistan. a monopoly firm is the one which has no competitors.
The controller of a monopoly sets the price of goods by charging?
the price at which the profit is maximized
What were some of the methods used by businessment to create monopolies and increase profits?
1. Take over a major part of production. E.g. control the important resources, manufacturing, or information of a product
2. underprice the product to entice consumers to buy your product (while underpaying for the resources or the workers)
3. gather a legal right to a monopoly, E.g. copyrights
What was the purpose of trusts?
The purpose was to get rid of big businesses. It was to prevent big companies that attempted to control an entire industry.
