Question

For many years, de beers of south africa essentially operated as a monopoly. what made this company a monopoly? de beers of south africa was essentially a monopoly because?

Answer 1

It had almost exclusive control of the world's supply of diamond deposited, utilized to make diamond jewelry.

What is Monopoly?

A scenario known as monopoly occurs when there is only one seller in the market. The monopoly case is viewed as the polar opposite of perfect competition in conventional economic analysis. The industry's downward-sloping demand curve is, by definition, the demand curve that the monopolist faces.

A monopoly is described as a single producer or seller who forbids rivals from offering the same product. A monopoly has the power to set prices and makes it difficult for rivals to enter the market. A market arrangement known as a monopoly consists of a single seller who has complete authority over a good or service. The prefix polein, which comes from Greek and means "to sell," and the word mono both indicate single or one.

Hence,  It had almost exclusive control of the world's supply of diamond deposited, utilized to make diamond jewelry.

To learn more about Monopoly refer to:

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