A monopoly is when there are many buyers but there is only one seller that controls the supply of a product and its price

A monopoly is when there are many buyers but there is only one seller that controls the supply of a product and its price. This allows the supplier to charge higher prices than if there was competition. Burkett, John P. (n.d, pg345) states that if a product has no close substitutes and a single seller, economists say that its market is a monopoly and its seller is a monopolist. Monopoly is like a market structure in which one company sells a special goods into which entry is blocked in which the single company has considerable control over the product price. So, consumers have no choice to buy their product and service. There is few government agencies keep the formation of monopoly under control, especially in markets such as cable companies like Tenaga National and media.

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