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For the survival of any business, grabbing more and more customer market is very essential. Every company tries to curb down their possible competitions by providing better prices, or better services from their competitors. And in this scenario maintaining one’s monopoly over the market is the biggest boon of all. Therefore, no company ever sacrifices its monopoly power over the market. You can take a thorough guidance from myhomeworkhelp.com. And our experts can provide production, price, and monopoly power homework help.
Introduction to monopoly power
A pure monopoly is a situation where there exist only and only one seller in the market to fulfill the entire customer’s demand. Well, in today’s world finding such a situation is next to impossible. So, a concept that is closer to it and is much more realistic exists, which is called monopoly power.
Monopoly power is a market situation when there are two or even more than two sellers. Just that the number of sellers is limited.This is a much widespread term than puremonopoly, but the functions of both are close to each other.
As per our experts providing production, price, and monopoly power assignment help the formation of such monopolies is possible, when
- Government grants a firm the status of monopoly
- When a firm acquires patent or copyright to sell their intellectual property, for example, Microsoft or Face book.
- When other firms give a particular firm a dominant position in the market.
Price and production helping monopoly power to survive
Criterion like price regulation and production advancement can also help monopoly powers to remain stable in this world of increasing competitions.
- Large scale production
An already established company can increase its production to reduce the cost. By this, they can give a good competition to new entrants and make it hard for the new one to survive at the same cost as theirs. Production, price, and monopoly power homework help expert teach the details that must be pondered up on.
- Price regulation:
By maintaining one’s pricing, a company can either drop its prices extremely low or limit their profit to wipe off any possible competitor or a company can also reduce the price as much that it becomes hard for the entrant to cope with the same pricing.
In this price regulation, a company can also spend on rigorous advertising of their product. This way it will become tougher for the entrant to cope with the pressure of such a famous product.
There are many more ways that companies take up to maintain their monopoly power, which will all be nicely explained if you opt for production, price, and monopoly power assignment help.
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