put this in essay form Through research a monopoly is when a company or other entity is completely alone in…

put this in essay form
Through research a monopoly is when a company or other entity is completely alone in supplying a particular good or service to the marketplace. Monopolies are usually discouraged in market economies because their dangers are well-recognized. However, in some instances, monopolies are allowed because very high start-up costs would not make competition economically feasible. For example, the supply of utilities can often be a monopoly situation as in the case of water or electricity.In a market economy, monopolies are able to demand whatever price they want for their product or service because they don’t have any competition. Consumers have no choice but to pay the prices demanded, which is especially dangerous if the monopoly supplies a necessity. This means that consumers pay more than what the product or service truly costs — cost of production and delivery plus a reasonable profits and this makes consumers have less disposable income.
When one company controls the supply of a certain good or service to a marketplace, it can also inflate prices by restricting the supply. The company can use the supply of the goods or services as a form of blackmail, withholding supply from the market. This situation is particularly dangerous if a country, for example, is dependent on one supplier from another country to provide because the supply will always be unstable since it’s dependent on the other country’s willingness to sell.
A major disadvantage of having one company supply a certain good or service is that the company has no incentive to provide excellence. The company has no incentive to improve its services or the quality of its goods since people have no choice but to buy what the company offers.
Monopolies are dangerous because they can become immensely powerful and use this power to further benefit themselves and gain even more power. They have the ability to generate vast profits and can use this money to gain political influence. They can also threaten to disrupt or restrict supply and use this for political leverage as well.
Refrences: Internet; http://useconomy.about.com/od/glossary/g
E-Global Library: In Reader’s Guide to the Social Sciences. Retrieved from http://www.lirn.net/services/proxy?url=http%3A%2F%2Fwww.credoreference.com/entry/routsocial/monopoly

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
error: Content is protected !!