1 year, 6 months ago
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What is a monopoly in business?
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Monopoly is a market condition in which there is only a sole seller of a product and the product don't have any close substitute or competitor. For example, in the field of soft drink Pepsi don't have monopoly as coke is its competitor.
But if Pepsi comes out with a Ginger product or introduce some exceptional product, which has no competitor, it would be called the monopoly of Pepsi over this drink. Organizations have to come out with a brilliant idea to have monopoly on a product.
Through monopoly firms make more profit if it is a quality product. Monopolists are at liberty to change the price of the product as and when needed. It is up to the company to sell the products according to its demand.
But if Pepsi comes out with a Ginger product or introduce some exceptional product, which has no competitor, it would be called the monopoly of Pepsi over this drink. Organizations have to come out with a brilliant idea to have monopoly on a product.
Through monopoly firms make more profit if it is a quality product. Monopolists are at liberty to change the price of the product as and when needed. It is up to the company to sell the products according to its demand.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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