Question

Describe monopoly and what I like and dis like about monopoly

Answer 1

Monopoly is the term which refers to particular person or enterprise which is the only supplier of that specific product or commodity. Monopoly can be established by a government or people by integrating small business sectors.

Explanation:

Advantages

• It always ensures a consistent delivery of products or commodities that have a very high cost
• They have a greater ability to fund research and development and they can do successful research with low cost budgets
• They will have more number of competitors in the international markets

Disadvantages

• Fixing of price is one of their major disadvantages since they have the power to fix prices the consumers cannot question them regarding price fixing
• Reduction in the quality of the products they always have the possibility of providing low quality products  
• Since they follow a trade policy the innovations become numb and there will be no development in the innovation of products