what is monopoly, why might monopoly be bad for consumers?

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Monopoli Secara etimologi, monopoli berasal dari bahasa Yunani, yaitu “monos”, yang artinya satu atau sendiri, da... Lainnya

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Monopoly Etymologically, monopoly is derived from the Greek word "monos", which means one or both, and "po...Lainnya

Inggris---------------AfrikaansAlbaniaAmharikArabArmeniaAzerbaijaniBasqueBelandaBelarusiaBengaliBosniaBulgariaBurmaCebuanoCheskaChina (Aks. Sederhana)China (Aks. Tradisional)DanskEsperantoEstiFilipinoFrisia BaratGaelik SkotlandiaGalisiaGeorgiaGujaratHausaHawaiiHindiHmongHungariaIbraniIgboIndonesiaInggrisIrlandiaIslandiaItaliaJawaJepangJermanKannadaKatalanKazakhKhmerKirgizKoreaKorsikaKreol HaitiKroasiaKurdiLaoLatinLatviLituaviLuksemburgMakedoniaMalagasiMalayalamMaltaMaoriMarathiMelayuMongoliaNepaliNorwegiaNyanjaPashtoPersiaPolskiPortugisPrancisPunjabiRumaniaRusiaSamoaSerbShonaSindhiSinhalaSlovakSlovenSomaliSotho SelatanSpanyolSundaSuomiSwahiliSwediaTajikTamilTeluguThaiTurkiUkrainaUrduUzbekVietnamWelshXhosaYiddishYorubaYunaniZuluInggris

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Monopoly Etymologically, monopoly is derived from the Greek word "monos", which means one or both, and "polein" which means selling or selling. Based on the etymology of monopoly it can be interpreted that monopoly is a condition where there is only one seller who offers a certain goods and services.

A monopoly is formed if only one principal has exclusive control over the supply of goods and services in a market, and thus to the determination of the price.

Characteristics of Monopoly Markets

· Monopoly market is one company's industry

· Does not have similar replacement items

· There is no possibility to enter the industry

· May affect pricing

· Ad campaigns are under-scrutiny

 Monopoly Factors:

- A monopolist has a unique resource that is not owned by another company.

- Monopolists can generally enjoy economics of scale to a very high level of production

- Monopoly exists and progresses through law, ie the government gives monopoly rights to the company. [1]

 Company Balance

1. Short Term Balance

Just as companies in the perfect competition market, the monopolist must also equate MR with the MC in order to achieve maximum profit.

2. Long Term Balance

The monopolist does not have a big problem with long-term balance, as long as in the short run get the maximum profit. In a perfectly competitive market, supernormal earnings will attract other companies to enter the industry so that in the long run the company only enjoys normal profit. This does not apply in the monopoly market. Barriers to entry cause monopolists to enjoy supernormal profits, both in the short term, and long term. The monopolist will only lose long-term supernormal profits, if not able to maintain its monopoly power. This can happen, especially if the company neglects to do research and development to obtain technology that improves production efficiency.

As a result, the company's position is replaced by other companies capable of producing or utilizing more efficient production technology. Long-term balance will be a problem if in the short term the company suffers losses. [2]