Question

Use what you have learned about monopolies to complete the following sentences.

Answer 1

Answer:

Monopolies limits competition in the market.

In a natural monopoly, a producer controls the market because it is able to meet the demands of all consumers.

In a government monopoly, a producer controls the market by the authority of the government, and private production cannot take place.

In a  technological monopoly, a producer controls the market by holding a patent on the process of creating a specific good.

Explanation:

• natural monopoly: exists due to the high start-up costs or powerful economies of scale of conducting a business in a specific industry. A producer might be the only provider or a product or service in an industry or geographic location.
• government monopoly: A forced form of market domination whereby a national, regional or local administration, agency or corporation is the sole provider of a particular good or service and competition is prohibited by law. A government monopoly is generally created and run by a government, rather than by a private business.
• technological monopoly, a producer controls manufacturing methods necessary to produce a certain product, or has exclusive rights over the technology used to manufacture it.

Answer 2

Answer:

Limit, natural, government, technological

Explanation:

that's the answer for the boxes!