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3 years ago

To maximize profits, a monopoly should choose a price where demand is

Business

1 answer:

vodomira [7]3 years ago

7 0

To maximize profits, a monopoly should choose a price where demand would be the greatest.

To create a monopoly, a company must have a large or total control of a product. To do so, they must have most or all of the following criteria (however, not limited to these):

1) <u>Quality</u>: Quality of the merchandise must be exceptionally good to extremely well-made, and must either compete or exceed standards

2) <u>Price</u>: The Price of the product is what really controls the market. The price, regardless of how well-made the product is (of course, the product can't be poor), must be below the average pricing of competitors.

These two are the most important points in making a monopoly. Of course, other reasons may be involved, such as:

3) <u>Governmental Rule</u>: Some companies are allowed to become monopolies to be able to provide better services to the consumers, such as electrical companies, for example.

4) <u>Customer Service</u>: One of the key ingredients to <em>drawing customers</em>, however, it is not exactly needed. If all the above criteria's are met, customer services is a bonus that would be the last step to becoming a monopoly.

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<em>~Rise Above the Ordinary</em>

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3 years ago

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Artyom0805 [142]

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