Monopoly Power

✍ Scribed by iMinds

• Publisher: iMinds Pty Limited
• Year: 2010
• Tongue: English
• Series: Money
• Category: Library

✦ Synopsis

Learn about Monopoly Power with iMinds Money's insightful fast knowledge series.

Monopoly power is the ability of the dominant participant in a market to control prices. It is a sign of market failure and a major factor in antitrust investigations. Capitalist economic markets rely on competition to operate efficiently and to protect consumer welfare. When a single company controls the prices within a market, the economic welfare of the consumer is often at stake.

An ideal market in economics occurs when there is perfect competition. In this scenario, there are no or few barriers to market entry and the goods being sold are largely the same. There are also many buyers and sellers who share knowledge of the price, quality and availability of these goods. Under these conditions, all market participants would act in ways beneficial to the other. The market would function efficiently, promoting economic growth and ensuring consumer welfare.

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✦ Subjects

Business; Education; Nonfiction; BUS024000