A brief description of monopoly, why they occur, and why they are undesirable at times.© BrainMass Inc. brainmass.com October 9, 2019, 11:34 pm ad1c9bdddf
A monopoly is an industry with a single firm. Usually monopoly industries have a significant barrier to entry. A natural barrier to entry is a case where the quantity demanded of the good produced by the monopoly is on the downward sloping portion of its long run average cost curve. This means a monopoly can produce the good more cheaply than two or ...
A brief summary of why monopolies occur, and why they are undesirable at times.