A market situation in which there are a large number of buyers (demand) and sellers (supply).
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Monopoly Power
When a firm has more than 25% of the market share.
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Monopoly
Only one firm selling in a market.
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Implications for busineses
Without competitive markets it will most likely fail. Especially if it doesn't meet demand and supply. Can thrive buy supplying goods and services efficiently and make profits.
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Reasons for Government Promotion in competition
Firms can fail to keep up with tastes or changes in technology; Land grabbing; Firms may exploit workers with low pay; Increase prices for consumers; Predatory pricing.
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Market
Buyers and sellers meeting to exchange goods and services
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Achieving monopoly power
Merger and Takeover; Statutory monopoly; Internal expansion; Branding; Cost barriers
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Good consequences of monopoly power
Research and development; International competitiveness; Exploitation of economies of scale
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Bad consequences of monopoly power
Poor quality and high prices
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Other cards in this set
Card 2
Front
When a firm has more than 25% of the market share.
Back
Monopoly Power
Card 3
Front
Only one firm selling in a market.
Back
Card 4
Front
Without competitive markets it will most likely fail. Especially if it doesn't meet demand and supply. Can thrive buy supplying goods and services efficiently and make profits.
Back
Card 5
Front
Firms can fail to keep up with tastes or changes in technology; Land grabbing; Firms may exploit workers with low pay; Increase prices for consumers; Predatory pricing.
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