Question

Describe the characteristics of a monopoly and explain how each impacts the problems with monopolies. Please...

  1. Describe the characteristics of a monopoly and explain how each impacts the problems with monopolies.

Please show me your thought process. Please explain it as if you are telling it to someone who has no clue about economics.

Homework Answers

Answer #1

Characteristics of monopoly are:

  • Single seller in the market: There is a single seller present in the market who has control over market and controls prices and brand in the market. There is no competitor so seller can also exploit consumers in terms of quality as well as prices.
  • No substitutes: There is no substitute of goods in the market as there is a single seller and single brand. So, seller can decide his own prices and consumer has no option left other than buying at offered price.
  • Price decider: Firm can set their own prices and also can decide the supply of goods to be supplied in the market.
  • Entry is very difficult. As a single seller is controlling the market so it is very difficult for new firms or sellers in the market and this reduces option in front of consumers.
  • Lack of Perfect Knowledge.
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
(Intermediate Microeconomics) Show with a graph how monopolies are harmful to the economy. Please explain in...
(Intermediate Microeconomics) Show with a graph how monopolies are harmful to the economy. Please explain in detail, and show all work/calculations
Can someone please describe and give the characteristics of the 6 different types of correlations (...
Can someone please describe and give the characteristics of the 6 different types of correlations ( Pearson, Spearman rho/rank, Kendall's Tau, Point Biserial, Biserial and Phi) and give an example for each about when it is appropriate to use each correlation.
Please answer the following questions: 1) List the five characteristics of pure monopoly. 2) Describe the...
Please answer the following questions: 1) List the five characteristics of pure monopoly. 2) Describe the demand curve facing a pure monopoly and how it differs from that facing a firm in a purely competitive market. 3) Explain why the marginal revenue is equal to the price in pure competition but not in monopoly. 4) Use the chart to solve the following: Calculate the Marginal Cost at Q 100? Calculate the Marginal Cost at Q 200? Calculate the Marginal Cost...
Will someone please give me an 4 page answer these question in your own words and...
Will someone please give me an 4 page answer these question in your own words and thought. This is my second time posting this question Principles of Economics: Explain the difference between positive and normative economics. Give a real-time example of each that you found in doing some outside research. After doing some additional research on your own along with the assigned reading on public goods, answer the following questions: a. What are the two main characteristics of this type...
How would you describe Bloomberg's core product to someone who knew nothing about it? Please share...
How would you describe Bloomberg's core product to someone who knew nothing about it? Please share your understanding of the role of the Analytics department at Bloomberg.
Please explain how to perform any task of your choosing in 5 steps (How to make...
Please explain how to perform any task of your choosing in 5 steps (How to make tea). Your explanation should be thorough enough to help someone through the process who has never performed that task before.
Use the AD/AS model to explain the likely short run impacts on US GDP and the...
Use the AD/AS model to explain the likely short run impacts on US GDP and the aggregate price level. What do you anticipate will happen to US consumption expenditure and US employment? Please explain your reasoning for each of your predictions and show graphically as appropriate.
Describe how a person's socioeconomic status (SES) impacts development from toddlerhood through adolescence. (You can approach...
Describe how a person's socioeconomic status (SES) impacts development from toddlerhood through adolescence. (You can approach this question through the lens of U.S. culture or globally.) Provide five (5) examples to illustrate this impact. You must provide at least one example from each chapter (chapters 4 - 8). Explain how each example impacts development.
Please answer these two conceptually in mini paragraph form! Some physics instructors describe situations dealing with...
Please answer these two conceptually in mini paragraph form! Some physics instructors describe situations dealing with two-dimensional motion as simply being “two, one-dimensional motion problems”; how might you defend this statement against someone who believes that two-dimensional motion problems are fundamentally different from one-dimensional motion problems? Neglecting air resistance, what are the three primary quantities responsible for the time-of- flight for a projectile? For each, briefly describe how the quantity affects the projectile’s time of flight.
The Implementation phase of the SDLC is? Exactly how it should be used How the systems...
The Implementation phase of the SDLC is? Exactly how it should be used How the systems are built How it should be installed How it should be installed It is never as easy as the textbook says it is. There are many ways to say what Systems Analysis and Design (SAD) is, but one way is to describe it as? A method to solve problems and deliver solution sets Four phases of thought to include planning, Analysis, Design and Implementation...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT