Quickly Understand the Concept of Entry into a Monopolized Industry with Myhomeworkhelp.Com
Economics is an important modern subject. It is that subject which helps you in the face of scarcity. Knowing your economics helps you survive. And survival is the most important feature of living. Now monopoly is a very important concept in economics. And one very vital aspect is entry into monopoly markets. This is one area that people need help in. So students could do with entry into a monopolized industry assignment help.
Concept of monopoly
Monopoly is a very important concept. it helps students grasp the concept of competition. In fact, monopoly means a lack of competition. Here one single firm dominates a market. Now there are two basic types. Each type has its own unique characteristics.
Types of monopoly
The two types of monopolies are:
- Natural monopoly
This type of monopoly exists due to costs. Suppose there are high start-up costs. Now this means it is not easy for a firm to start business. So this natural monopoly keeps out entry of new firms. High fixed costs too can be a reason why entry is not possible. Thus it has all to do with operating costs. This topic has some mathematical processes. The numbers can get a little confusing. So entry into a monopolized industry homework help is very useful.
- Legal monopoly
This is a totally different type. Here you can’t enter a market due to restrictions. Now these restrictions are mainly due to authorities. It has to do with rules. So the government stops a firm from entering into the market. These constraints are generally socially beneficial.
Physical resources
There are other facets of monopoly too. These are the ones where barriers are a bit unique. For example, control of resources is one factor. So what you have here is one company controls it all. They control supply and production of a specific raw material. Now that raw material is not available to other firms. Therefore you have a monopolized industry. So there’s a barrier into the entry. Other firms can’t start business.
Patent
Patent is another very unique type of barrier. Here you have a specific research in question. So when a firm is conducting research on a particular product, it needs to get a patent. That way other companies can’t work on that same product. This way the process helps protect the interests of research companies. It is a very important concept. These types are easy to understand when you take entry into a monopolized industry homework help.
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