Question

Three examples of solutions to the problems of a monopoly are harnessing the benefits of ________, ________ trade barriers, and ________ markets.

Answer 1

Answer:

1. harnessing the benefits of competition.

2. reducing trade barriers

3. regulating markets.

Explanation:

harnessing the benefit of competition

The use of competition in a  market will enable consumers get the best possible prices, quantity, and quality of goods and services. competition in a market will also boost innovation allowing each firm producing similar goods to improve the quality of their products so as to gain more market share.

Reducing trade barriers

When trade barriers such as quota, embargo, tariffs are reduced in the market, it becomes easier for firms to compete with a other firms. Reduction of trade barriers will encourage more firms to enter a market that previously had a single supplier of a commodity .

Regulating market

A regulated market is a kind of market where government control the force of demand and supply like determining who is allowed to enter the market and determine what price to be charge. Markets that are natural monopolies are usually regulated to avoid exploitation of consumers