Do you know what a monopoly is?
The term monopoly is derived from two Greek words Monos and Polein. Which means the seller alone.
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Do you know what a monopoly is?
The term monopoly is derived from two Greek words Monos and Polein. Which means the seller alone.
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Therefore, if there is only one person, firm, institution or industry selling a commodity in the market, it is called a monopolist. But this is only the literal meaning of the term monopoly.
#monopoly
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Interesting, what if they are two?
In fact, the term monopoly is used in economics for the degree of competition. If there is only one firm, organization, or industry selling a product in a market, then such a situation would be called monopoly.
#momopoly
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Similar to just one person
In addition, the differentiation between firms or industries that is a salient feature of perfect competition does not necessarily remain in monopoly. Because the monopolistic firm has the status of the entire industry.
#momopoly
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Is like am confused here, Let me check number 5
A monopolistic producer is free to charge an arbitrary price for his output. However, he cannot sell as much produce as he wants at an arbitrary price. He has the power to appoint either of them.
#momopoly
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I got it right now
I know what the word means but didn't know of the origin so thank you for making me learn it today :)
I wonder if there's a monopolist in town of a certain product or service. It seems there is none so far which is good :)
Yes. Absolutely, Monopoly is not good for buyers.
That's right. Monopolists tend to take advantage of the situation, although not all of them.
ooh so that means that every time there is a new product, a new monopoly is created until the competition (other companies) starts to create similar products
I have heard it several times but am following the thread to get it right
Almost thought you meant the board game :'). Yes I know what it is but interesting to learn about the origin of where it came from. Thanks for sharing with us