Table of Contents
A monopoly refers to a commercial situation in which only one supplier in a market is in charge of granting a good or service. It means that only one company dominates the supply in the market, thus excluding the competition. In this, the clients or consumers are the most harmed since the bidder, being only a company, is in charge of establishing the price at his convenience, which is frequently high.
A monopoly is considered an imperfect competition since only one company is responsible for a good or service. However, it is very rarely present in an absolute way.
It is the kind of monopoly in which only one company manufactures the products. The government of the country of origin does not intervene in the company.
It is the one that is created according to the demand of the people. In this case, the monopolistic company cannot control prices since it has competition, the elasticity of demand, etc.
The company prevents the products and services of the competition from reaching the market, so consumers can only buy the effects of the company that practices it.
Companies use it to sell a good or service at different prices and consumers. Production prices will not matter since a monopoly discriminates against them.
The monopoly does not have many advantages for consumers or companies that compete with a monopolistic organization. However, for the company that practices said commercial regime, the benefits are the following:
Monopolies, most of the time, do not bring positive consequences, but rather negative ones, such as:
A monopoly remains a dominant position of an industry or a sector by one company, excluding all viable competitors.
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