Corporations brought all of the following advantages to the American consumer except monopolies.
What is monopoly?
- Monopoly, as described by Irving Fisher, may be a market with the "absence of competition", creating a situation where a selected person or enterprise is the only supplier of a particular thing. This contrasts with a monopsony which relates to one entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of some sellers dominating a market.
- Monopolies are thus characterized by a scarcity of economic competition to produce the good or service, a scarcity of viable substitute goods, and therefore the possibility of a high monopoly price well above the seller's marginal cost that leads to a high monopoly profit.
- The verb monopolise or monopolize refers to the method by which a company gains the ability to raise prices or exclude competitors.
- In economics, a monopoly may be a single seller.
- In law, a monopoly may be a business entity that has significant market power, that is, the facility to charge overly high prices, which is related to a decrease in social surplus
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