What is a monopoly?? Why would a business want to form a monopoly??

Answer 1

Monopoly
A monopoly is an enterprise that is the only seller of a good or service. In the absence of government intervention, a monopoly is free to set any price it chooses and will usually set the price that yields the largest possible profit. Just being a monopoly need not make an enterprise more profitable than other enterprises that face competition: the market may be so small that it barely supports one enterprise. But if the monopoly is in fact more profitable than competitive enterprises, economists expect that other entrepreneurs will enter the business to capture some of the higher returns. If enough rivals enter, their competition will drive prices down and eliminate monopoly power.

Answer 2

A monopoly occurs when a single firm has control of an entire market or has the ability to control pricing within a market. For example, at one point Microsoft had nearly 100% control of the PC-OS market. Basically, you had to use Windows, so they could set the price wherever they wanted.

Monopolies allow businesses to sell products at higher profits, because all customers HAVE to buy from the business. High profits are the end goal of most businesses, so they try and form monopolies or cartels

Answer 3

a monopoly is basically when a company is the main provider of a particular service, so they know they won't have to compete as much with other companies, thus they can pretty much do whatever they want. An example would be something like AAA, as that's the main company people call with car troubles, etc.

Answer 4

A monopoly is when your business is the only one offering a particular product or service. Obviously, every business wants that, because no competition means you can charge whatever you want.
Monopoly -great for business, sucks for consumers.