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Understanding and Fetching Monopoly Power Homework Help from Myhomeworkhelp.com
Every company, big or small, wants to secure a maximum number of customers in the market. They always aim at being a step ahead of their competitors and establishing their product as the best in the market. Moreover, they keep track of their competitors and try to make their product better.
The effects of competitors will be described in much detail if you opt for monopoly power homework help from myhomeworkhelp.com. For now, letโs focus on how having no competitors i.e. monopoly is considered to be the best kind of scenario in the market.
Understanding Monopoly Power
In a market, when the condition is such that there is only one supplier to fulfill all the demands of the customer, it is termed as the pure monopoly. Though pure monopoly is hardly found and is very limited, so let us focus on the term monopoly power.
Monopoly power talks about a state within the market when the suppliers are limited, for example when there are only two suppliers (duopoly) or very fewer suppliers (oligopoly). It is a much wider term as compared to pure monopoly and it s existence is much higher.
Our experts providing monopoly power assignment help talks about monopoly power in a much brighter light. And explains on how these monopoly powers can be maintained. So now letโs understand the same in brief.
Maintaining Monopoly Power
Any monopoly power can be maintained nicely by using barriers to entry, such as
- Limiting the pricing of products
This is one of the smartest ways of maintaining the monopoly power. In this method, the existing firm sets the pricing of the product just below the average cost. So when the new entrants try to match the pricing, they go in a loss.
- Setting the price very low
In this case, the price can be set very low to scare the potential rival so that they back out on their own. Monopoly power homework help expert gives you a guidance like no one has done before.
- Large scale production
One can always choose to manufacture the product in bulk as it will decrease the cost of production. Hence, existing firms will have a cost advantage over the entrants. Through this, rivals can be scared, and oneโs market can be widened.
- Advertising
The existing firms can invest huge sum of money on advertising, so when the entrant is trying to make an impact on the market, it will become difficult for him to combat the pressure.
Apart from these, there are many more ways of maintaining monopoly power which is defined more specifically in assignment done by experts for the students who asked for monopoly power assignment help. Thus, to get a better guidance opt for the help.
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