Description
Monopolies are good for producers but not consumers. Differentiate between the positive and negative impacts of monopolies on the economy. Discuss why or why not monopolies are bad for the economy? 300-500 words, single spaced, no title page needed.
Explanation & Answer
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Monopolies and the Economy
Monopoly is where a business is the only producer and supplier of a commodity in the
market which makes the business enjoy a competitive edge over any other business that tries to
enter that market (Mankiw, 2014). Most monopolies are acquired through purchasing
competitors business in a strategy known as horizontal integration or through owning supply
distribution chain.
The positive effects of monopolies are for producers because there are no competing
products and also, they can ch...
