Monopolistic market

248 views 2 pages ~ 276 words
Get a Custom Essay Writer Just For You!

Experts in this subject field are ready to write an original essay following your instructions to the dot!

Hire a Writer

The monopolistic economy is one in which there is only one primary producer. Items found in a monopolistic market are those that are important to the consumers. It is not easy to start such a business and there are different types of monopolies that occur before joining such a market, such as closed monopolies. It is easier to collect information about a good or service because government departments in charge of industry and commerce may be contacted. Any goods are sold in the market, and the vendor may charge various prices to different customers. An example is a product that the buyer cannot sell quickly, or in some cases, it is impossible to sell. The seller can have different prices for different consumers by assessing the elasticity of demand for the product that each customer has.

If I owned a petrol station and my next competitor decides to lower the prices of petroleum products, I would not lower my price because there are individual who are willing to buy the product at a cost that is more than the marginal cost but not from a monopolist. Hence, I would retain the already existing clients and also attract new customers thus creating more business. If my competitor were my friend, I would not change the price because business is about profit and not friendship. An example of an industry dominated by 2-3 firms is the mobile phone manufacturing industry. The products are unique as per the brand. Starting a business in such an industry is not easy because of the open monopoly where one firm controls more than 50% of the market and others share the remaining percentage.

November 09, 2022

Entertainment Life


Games Industry Work

Subject area:

Monopoly Trade Service

Number of pages


Number of words




Writer #



Expertise Service
Verified writer

Samuel has helped me on several occasions with my college assignments. It has been both simple and complex for my Cinematography course. He is a creative person who will always inspire you. When you need a person to boost your forces, contact Samuel.

Hire Writer

This sample could have been used by your fellow student... Get your own unique essay on any topic and submit it by the deadline.

Eliminate the stress of Research and Writing!

Hire one of our experts to create a completely original paper even in 3 hours!

Hire a Pro