2006-12-20 08:22:47 · 5 answers · asked by marqueshottie 1 in Business & Finance ➔ Other - Business & Finance
An example was the Bell companies. Before they were disbanded into AT&T and regional bell companies, they had a monopoly on the market. They had no competition for the service they provided to the consumer. Now, there are many choices and they no longer have a monopoly.
Exclusive control by one group of the means of producing or selling a commodity or service:“Monopoly frequently ... arises from government support or from collusive agreements among individuals” (Milton Friedman)
Legal Definition:
MONOPOLY - This word has various significations. 1. It is the abuse of free commerce by which one or more individuals have procured the advantage of selling alone all of a particular kind of merchandise, to the detriment of the public.
In economics, markets are classified according to the structure of the industry serving the market. Industry structure is categorized on the basis of market structure variables which are believed to determine the extent and characteristics of competition. Those variables which have received the most attention are number of buyers and sellers, extent of product substitutability, costs, ease of entry and exit, and the extent of mutual interdependence [Baumol, 1982; Colton, 1993]. In the traditional framework, these structural variables are distilled into the following taxonomy of market structures:
(1) Perfect Competition--many sellers of a standardized product,
(2) Monopolistic Competition--many sellers of a differentiated product,
(3) Oligopoly--few sellers of a standardized or a differentiated product, and
(4) Monopoly--a single seller of a product for which there is no close substitute.
2006-12-20 08:23:54 · answer #1 · answered by Melli 6 · 0⤊ 0⤋
i think monopoly means that a person or a group is the only one to own that kind of thing. Like one company owning all the gas stations in the world. Or one company owning all the phone companies(verizon ro cingualr). THe only monopoly left in the world in the US postal service(mail)
2006-12-20 16:26:27 · answer #2 · answered by GirlyGirl 2 · 0⤊ 0⤋
MONOPOLY means Exclusive Manufacturing & Selling of a Goods Product by Only U..
2006-12-20 16:25:22 · answer #3 · answered by Reasoner.. 2 · 0⤊ 1⤋
You need to play it first to understand it, boy.
2006-12-20 16:26:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
shiat i don't know ******
2006-12-20 16:23:57 · answer #5 · answered by Anonymous · 0⤊ 1⤋