Enjoys economics of scale, due to it being the only supplier of the product or service in the market, makes many profits and be used for research and development to maintain their status as a monopoly. The seller controls the prices of the goods or services and is the price maker as well.
What is more important is what happens in the long-run. The Monopolies avoids duplications and hence wastage of resources.
What is required for a monopoly to earn profits in the long run? If the MES were large, large enough to support one firm only, that would be the definition of a natural monopoly. Economics Today, Sixteenth Edition.
Natural Monopoly or a price discriminating monopoly can make profits as well. Pure monopolies are not the only monopoly that can make profits. Oligopolies are not monopolies, although they do tend to make above normal profits.
If a firm uses economies of scale then I would be talking about a natural monopoly or a few firms in oligopoly depending on how large or small the minimum efficient scale is.
In the extreme case, a monopoly is the only seller of a good or service. To avoid competition, they can afford to invest in the latest technology and machinery. Monopolies have poor levels of service, there is no consumer sovereignty, the consumers are charged high prices for such low quality goods, and lack of competition could lead to low quality goods, as well as out dated goods.
Disadvantages of a Monopoly. The consumers do not have perfect information on the goods or services. Economic profit goes to zero here in the long-run because there is a lack of barriers here to prevent competition from entering as there is with perfect competition.
Are that there is one single seller in the market with no competition and there are many buyers in the market. If the MES were small, economies of scale would not be an entry barrier to competition in order to achieve positive economic profits. In addition, the ntry and exit of firms into and out of a monopolistically competitive market eliminates economic profit and guarantees that each monopolistically competitive firm earns nothing more or less than a normal profit.Second Grade writing 2nd Grade Grammar Verb Activities Grammar activities Teaching Activities Verb activity Tenses of VERBS Adverbs Teaching: Verbs.
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Monopoly Essay. Monopoly Essay. What is a Monopoly? Monopoly is “a firm that can determine the market price of a good. In the extreme case, a monopoly is the only seller of a good or service.
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