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Monopolies
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Monopolies- Macy Ott
What is a Monopoly?
Types of Monopolies
Why were monopolies such a threat to the American consumer?
A Monopoly is the exclusive possession or control of the supply of or trade in a commodity or service. This basically means that a company has full control over the product they are selling and no one else can sell it.
They are a threat to consumers because the products are priced higher, this can cause consumers who can not afford it to not be able to buy it. If they can't afford it at that price they may look for the product from a different brand. Since it is a monopoly though, no other brand would have the product so they cannot buy it until they have the money for it. "Advantages and disadvantages of monopolies - Economics ...." 4 Oct. 2020, https://www.economicshelp.org/blog/265/economics/are-monopolies-always-bad/. Accessed 13 Oct. 2020.
The different types of Monopolies are Natural,Un-natural and State. There is no government involved in a natural. A State monopoly would be where the state has full ownership of the item and a Un- natural monopoly is a combination of both. For example, a Patent would be used in this type of monopoly.
Was government intervention really necessary?
I believe that the government intervening was necessary because the monopolies were getting out of hand. The prices become to high and the production of the product becomes to low. This is an issue because demand for the product is also low based off of the price of the product. The price should be reasonable and based off of the production price.
"Monopoly | Economics Online | Economics Online."
https://www.economicsonline.co.uk/Business_economics/Monopoly.html. Accessed 13 Oct. 2020.