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Essay / Research Paper Abstract
This 6 page paper considers why economists are so universally antagonistic to monopolies and if there are anything advantages to be said about monopolies. The bibliography cites 6 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEmoneco.rtf
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Unformatted sample text from the term paper:
monopoly may be compared, such as oligopolies are an industry where there is little competition and the industry is controlled by a few, powerful companies, monopolistic competition and pure competition
where there is totally free and open competition. A monopoly is the extreme. There is only one company as producer or supplier. In many cases the monopolies were controlled by
the government, but in the interests of competition most are now being disbanded and further competition encouraged as the current opinion is that monopolies are not in the public interest,
but this has to be questioned in some cases. The general opinion is that monopolies are bad for the consumer or user as
in these circumstances the supplier or producer has total control over the market. The consumer has to accept the prices and conditions set by the company. Good examples of monopolies
used to be many of the power companies. People in an area did not have a choice of provider as there was only one. The way in which they operated
was completely in their control as the consumer had no substitute, the product was perfect inelastic, and as such when prices increased the consumers would have to continue paying. The
only way in which the sector could be influenced was by legislation or government pressure. The arguments against monopolies were that in
having this monopoly there was no incentive to be efficient with their customers money. Therefore, many of these monopolistic organisations were wasteful with their resources, and did not look towards
new innovations to gain a competitive edge (Gisser 554). They did not need any, this meant that in monopolies the amount spent of research and development was also less. This
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