I believe he was successful due to his innovative production methods.
Hope this helps!!
Explanation:
There are certain necessary conditions required for a market to operate as a monopoly. These conditions are not generally met in the real world. This is the reason why monopolies are very rare not so common in the real world.
A monopoly is a market structure where there is a single producer selling a product with no close substitutes. In the real world, almost all products have substitutes.
Also for a monopoly to operate there should be a restriction on entry and exit of firms which is difficult to hold in the real world.
The products can be paired as substitute products is Internet radio and traditional radio
Because both the products provide the same benefit and result. Both provide audio output.
<h3>What is a Substitute?</h3>
The substitute products are the products that can be replaced for each other providing the same benefit and result.
Few examples of the substitute products are as follows
- Books and E-books
- Butter and margarine
- Eye glasses and contact lenses
- Flip flops and sandals
- Salmon and Tuna
#SPJ12
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Answer:
standardized good, full information, no transactions costs, participants are price takers.
Explanation:
Perfectly competitive markets are theoretical, because even commodities' markets (e.g. corn, oil, etc.) do not comply 100% with all the characteristics of a perfectly competitive market, but are close enough to consider them as such.
The 5 characteristics of perfectly competitive markets are:
- Many participants (many buyers and sellers)
- Standardized goods or services
- Zero transaction costs
- No barriers to entry
- All participants can access perfect information
As I said before, no market complies 100% with these requirements, but some commodities' markets get close enough, but even there:
- commodity traders charge a transaction fee
- capital is a great barrier to entry that cannot be eliminated, e.g. it costs millions to drill and sell oil
- not all participants will be able to access perfect information
