Which describes the availability of substitutes in a monopoly?
the one that best describes the availability of substitutes in a monopoly is : There are no substitutes in a monopoly.
Which best describes how the government sanctions technology monopolies?
A technological monopoly is a monopoly that occurs when a single firm controls manufacturing methods necessary to produce certain products. The government sanctions technological monopolies by issuing a patent for the technology.
Which aspect of monopolistic competition gives consumers more?
It is on account of product differentiation, firms incur huge selling costs to compete with other firms. Differentiation makes an assorted variety, decision, and utility for customers. The business strategy of brand differentiation and few barriers to market entry gives consumers more choice.
Which industries are examples of natural monopolies check all that apply?
supermarkets. electric companies. sporting goods stores. fixed-line telephone companies.
What is the largest monopoly in the world?
What are the most monopolized industries?
To date, the most famous United States monopolies, known largely for their historical significance, are Andrew Carnegie’s Steel Company (now U.S. Steel), John D. Rockefeller’s Standard Oil Company, and the American Tobacco Company.
What are the reasons for emergence of monopoly?
The various reasons for emergence of Monopoly are:
- Government licensing: ADVERTISEMENTS:
- Patent Rights: Certain big private companies are engaged in research and development activities.
- Cartel: ADVERTISEMENTS:
- Control on raw materials:
What is pure monopoly?
• Exists when a single firm is the sole producer of a product for which there are no close substitutes. • There are a number of products where the producers have a substantial amount of monopoly power and are called “near” monopolies.