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ludmilkaskok [199]
3 years ago
10

Describe monopoly and what I like and dis like about monopoly

English
1 answer:
hodyreva [135]3 years ago
5 0

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:

<u>Advantages </u>

  • 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

<u>Disadvantages </u>

  • 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

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