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Use what you have learned about monopolies to complete the following sentences.

Monopolies competition in the market.

In a monopoly, a producer controls the market because it is able to meet the demands of all consumers.

In a monopoly, a producer controls the market by the authority of the government, and private production cannot take place.

In a monopoly, a producer controls the market by holding a patent on the process of creating a specific good.

Respuesta :

Answer:

Monopolies limits competition in the market.

In a natural monopoly, a producer controls the market because it is able to meet the demands of all consumers.

In a government monopoly, a producer controls the market by the authority of the government, and private production cannot take place.

In a  technological monopoly, a producer controls the market by holding a patent on the process of creating a specific good.

Explanation:

  • natural monopoly: exists due to the high start-up costs or powerful economies of scale of conducting a business in a specific industry. A producer might be the only provider or a product or service in an industry or geographic location.
  • government monopoly: A forced form of market domination whereby a national, regional or local administration, agency or corporation is the sole provider of a particular good or service and competition is prohibited by law. A government monopoly is generally created and run by a government, rather than by a private business.
  • technological monopoly, a producer controls manufacturing methods necessary to produce a certain product, or has exclusive rights over the technology used to manufacture it.

Monopolies limits competition in the market.

In a natural monopoly, a producer controls the market because it is able to meet the demands of all consumers.

In a government monopoly, a producer controls the market by the authority of the government, and private production cannot take place.

In a technological monopoly, a producer controls the market by holding a patent on the process of creating a specific good.

A monopoly is when there is only one firm operating in a market. As a result, there is insufficient competition in the market. As a result, price is set by the supplier.

An example of a monopoly is an utility company.

Types of monopolies

Natural monopoly : it occurs due to the high start-up costs or a large economies of scale.  Natural monopolies are usually the only company providing a service in a particular region.

Technological monopoly: it occurs when a single firm owns a key means of production or technology required in production.

Government monopoly: it occurs when the government gives a firm the exclusive right to produce a good or service.

To learn more about monopolies, please check: https://brainly.com/question/21543903

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