Control of Monopolies essay

timer Asked: Feb 7th, 2019
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Question Description

  • Discuss the four economic approaches to control monopolies.
  • How does the market mechanism function to allocate resources effectively?

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Control of Monopolies & Market Mechanism
Course Title

Control of Monopolies & Market Mechanism
Monopoly is considered a social evil by most economists because monopolist tends to
charge high prices. Also, monopolists lead to price discrimination since they fail to produce at
full capacity. The system of monopoly works under zero competition with sellers selling lesser
outputs at huge profits (Frank, 2008). Such a move leads to an increase in income inequality.
Thus, the governments of various countries endeavor to control a monopoly to prevent excess
prices, ensure that fi...

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