Monopoly and Competition

[Kane]

Big businesses have a monopoly and small and medium size business die due to unhealthy and tough competition. Big businesses create a monopoly by creating a consortium of handful of companies, and strangle the new business, kill them off, so that they (big business) continue to thrive.

 

[Nurudeen]

If you want to drive out competition out of your business believe me you are going to spend millions in doing advert and still sell most of your goods and services at cheaper rate with good quality because that's what most people are looking for so for me if you can't do this I think that's not possible

 

[Seersam]

Monopolistic situation may be created when you decided to be unique about your products, find out what people need and work uniquely to achieve that in the sense of your products or services being completely differently from that of your competitors. You can include branding to your products. Just make it different

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

 

[WhiteHouse]

Monopolistic competition has attributes of both a syndication and a perfect competition. For instance they have some effect on cost however there are practically no hindrances to entry. A market which has monopolistic competition is fast foods in which they are various kinds of food however for the most part produce food.

With monopolistic competition they generally over gauge in which their costs are set more prominent than negligible expenses in which they can never become gainful proficient this additionally influences the region of shopper overflow lessening customer choice which is something terrible.

 

[Sammyesx]

Monopoly will certainly maximise your profit , to have monopoly over a particular business, you have create a unique business that is naturally your ideal but as long as it is profitable, competition will surely come.

 

[Tariq Shehzad]

Restraining infrastructure and competition are vital to a business since you can't consume your business when competition is around the bend. The lone way that you can hoard your business in such an issue is by taking your business out if the place yet be have confidence that your business may not be capable sell in the new market you went into.
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Restraining infrastructure and competition are vital to a business since you can't consume your business when competition is around the bend. The lone way that you can hoard your business in such an issue is by taking your business out if the place yet be have confidence that your business may not be capable sell in the new market you went into.

 

[Nicklas22]

Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other
You just have to know what you're doing in your business and you will definitely overcome this competition

 

[Diamond07]

Competition will always exist in businesses only if it's local monopoly. consumers are better off with the local monopolist. Overall, the local monopoly benefits consumers because it has lower cost and its market power is limited by outside competition.

 

[Zamaney]

In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. ... It is generally assumed that a monopolist will choose a price that maximizes profits.

 

[Oche Diligence]

A monopoly is an economic market structure where a specific person or enterprise is the only supplier of a particular good.Monopolies and competitive markets mark the extremes in regards to market structure. There are a few similarities between the two including: the cost functions are the same, both minimize cost and maximize profit, the shutdown decisions are the same, and both are assumed to have perfectly competitive market factors.

 

[Richard92]

Monopoly is better than being in competition, because when you are Monopoly in the market you have more demands than supplies and you have the ability to inflate price of products as you like, while in competition you can not do that, if you do you loss your place in the market.

 

[Adeyoola7]

Well A monopoly firm has market power, the ability to influence the market price of the product it sells. A competitive firm has no market power.

 

[Milz]

Monopoly is good, but I think competition is better. Monopoly clouds your reasoning from seeing things from another perspective. With competition, you are are at alert to bring and deliver the best product to your customer in order to retain them.

 

[EMMANUEL]

In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In the presence of coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the firm maintains spare capacity. Models of monopolistic competition are often used to model industries.

 

[Highflyer]

Healthy competition is quite good in a business because it makes you to be creative and you will always look for new ideas to improve and grow your business. I don't like monopoly because it seems you're limiting other people's potentials.

 

[Seun4luv]

A monopoly can raise the price of a product without worrying about the actions of competitors. In a perfectly competitive market, if a firm raises the price of its products, it will usually lose market share as buyers move to other sellers.

 

[Hdre3m3n]

I

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

I don't think there is any way you can drive out competitions because as a business owner or entrepreneur, we are bound to face competitions, but if you can, I think your profits will be extraordinary maximised

 

[Chumzy]

For every economy to have a balance in terms of the citizens. Monopoly should be avoided at all possible cost else there will be an imbalance. One organization controlling output and price is a very big problem.
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For every economy to have a balance in terms of the citizens. Monopoly should be avoided at all possible cost else there will be an imbalance. One organization controlling output and price is a very big problem.

 

[Cybersec]

In a perfectly competitive market, price equals marginal cost and firms earn an economic profit of zero. In a monopoly, the price is set above marginal cost and the firm earns a positive economic profit. Perfect competition produces an equilibrium in which the price and quantity of a good is economically efficient.

 

[Godleads1]

Depending on your economy and governmental policy. Monopoly is not a good policy and it has side effects but when there is healthy competition, it paves way for the hard work.