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Length: 1501 words
Abstract: A monopoly can be found in various industries and it is this type of a firm which controls the market share and the prices charged for goods and services.
A monopoly is something which is defined by the amount of market power it has. Monopolies generally have a certain control over a specific market; control which is exclusively belonging to them and which gives the sole power and authority to be able to control the price charged for various goods and services being sold in that market (Dictionary.com Unabridged). Therefore, a monopoly is what represents a particular market and it can be harmful not only for the welfare of society but to consumers as well.
Section one of this paper will speak about the theory and the economics relating to monopolies. The second part will bring into discussion a certain monopoly for example, the very popular search engine company known as Google. People are still not aware of the impact this company can have on them. In conclusion, the essay will talk about the various markets which have opened up all over the world and how it is due to the policies laid out by governments and competition which is what stops monopolies from growing and achieving power.
Section 1: The Theory and Economics relating to a Monopoly
In theoretical terms, a monopoly is seen to be a single organization/firm which is found in an industry or a certain number of firms which enjoy the larger part of the market; an oligopoly (Sloman)…
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