Identify one advantage and two disadvantages of a monopoly.

A monopoly is like a patent; It's good if you own one because you can control something and be the only person who makes money off of it. It's bad because it defeats competition between other competing companies, and prices will go up It's even worse when you consider what would happen if a dozen people or two monopolize the whole world. Then no one else would make money Hope this helps!

Answered by icedraptor88 | 2024-06-10

A monopoly is a market structure in which a single company controls the supply of a good or service. One advantage of a monopoly is that it can lead to economies of scale, which allows the monopolistic company to produce goods at a lower cost due to increased production. Two disadvantages of a monopoly are that it can lead to higher prices for consumers since there is no competition, and it can also result in a lack of innovation and limited choices for consumers.

Answered by qwpink | 2024-06-19

Monopolies have the advantage of market power, which can lead to potential innovations and lower costs due to economies of scale. However, their disadvantages include a lack of competition, resulting in higher prices and less incentive to innovate. This ultimately can lead to poorer outcomes for consumers.
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Answered by icedraptor88 | 2024-12-26