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    Eventually, across the economy, new technologies replace older and obsolete ones. If Schumpeter is accurate, then even natural monopolies may be subject to competition and innovation from new entrants.

    Monopoly power can be controlled, or reduced, in several ways, including price controls and prohibiting mergers. It is widely believed that the costs to society arising from the existence of monopolies and monopoly power are greater than the benefits and that monopolies should be regulated.

    Go to: natural monoplies. Bull markets generally aren't recognized as bull markets Covid Effect on Microfinance and the Third-World Economies Since March , the Covid pandemic has come down with a bang on many developing countries.

    In time, thousands of cases have been recorded in the Sub-Saharan Job Losses During the Covid Pandemic by Ethnicity Effects from the Covid pandemic have been devastating and are proving to be a game-changer in the world economic setup.

    Indeed, the pandemic has led Understanding The Economic Model of Human Behavior While based on traditional economics, the economic model of human behavior is conceptually challenged by the core of behavioral economics.

    Using this model, we can also better understand What Is An Inverted Yield Curve Recession The yield curve is a visual illustration of yields for similar bonds that have varying maturities, also known as an interest rate term structure.

    In a standard yield The YTM is based on the Monopoly Business economics Monopoly. Monopoly A pure monopoly is a single supplier in a market. Formation of monopolies Monopolies can form for a variety of reasons, including the following: If a firm has exclusive ownership of a scarce resource, such as Microsoft owning the Windows operating system brand, it has monopoly power over this resource and is the only firm that can exploit it.

    Governments may grant a firm monopoly status, such as with the Post Office, which was given monopoly status by Oliver Cromwell in The Royal Mail Group finally lost its monopoly status in , when the market was opened up to competition.

    Producers may have patents over designs, or copyright over ideas, characters, images, sounds or names, giving them exclusive rights to sell a good or service, such as a song writer having a monopoly over their own material.

    A monopoly could be created following the merger of two or more firms. Key characteristics Monopolies can maintain super-normal profits in the long run.

    In general, the level of profit depends upon the degree of competition in the market, which for a pure monopoly is zero.

    Domestic monopolies can become dominant in their own territory and then penetrate overseas markets, earning a country valuable export revenues.

    These examples are from the Cambridge English Corpus and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.

    The state made itself a monopoly supplier of essential goods, such as grain, which were then sold on at controlled prices. This involves eradication of corruption and nepotism which have been used to establish monopolies.

    However, patents create monopolies and lead to waste of resources as a result of static inefficiencies. The incumbent operator enjoyed monopoly rents and did not want to give up this special status.

    Nevertheless, lighthouse reform enabled the whigs and radicals to pose as crusaders against local monopolies which the tories sought to perpetuate.

    After a period of monopoly , the new processes diffuse to economies capable of absorbing, and often improving upon, the techniques. No one individual in the creative process has a monopoly say in the outcome of a particular artistic decision.

    You may thus in essence end up with a monopoly or near monopoly situation. To use its own economic terminology, they have not acquired a dominant position let alone a monopoly.

    Where there is no intra-ethnic party monopoly , ambitious compromises across group lines are vulnerable to flank claims of a sellout.

    Thus, it is generally accepted that patents should continue just long enough so that monopoly profits can repay the costs of development of the invention.

    The government owned, regulated and managed the monopoly on gas, so that agents, either public or private, were redundant for the principal national government.

    In spite of archaeology's pretended monopoly on the past, there are even in today's society a variety of ways to interpret prehistoric monuments and landscapes.

    See all examples of monopoly. Collocations with monopoly. Click on a collocation to see more examples of it. See all collocations with monopoly.

    Translations of monopoly in Chinese Traditional. Need a translator? Translator tool. What is the pronunciation of monopoly? Browse monopolization.

    In , two additional antitrust pieces of legislation were passed to help protect consumers and prevent monopolies. The Clayton Antitrust Act created new rules for mergers and corporate directors, and also listed specific examples of practices that would violate the Sherman Act.

    The laws are intended to preserve competition and allow smaller companies to enter a market, and not to merely suppress strong companies.

    In , the U. The complaint, filed on July 15, , stated that "The United States of America, acting under the direction of the Attorney General of the United States, brings this civil action to prevent and restrain the defendant Microsoft Corporation from using exclusionary and anticompetitive contracts to market its personal computer operating system software.

    By these contracts, Microsoft has unlawfully maintained its monopoly of personal computer operating systems and has an unreasonably restrained trade.

    A federal district judge ruled in that Microsoft was to be broken into two technology companies, but the decision was later reversed on appeal by a higher court.

    The most prominent monopoly breakup in U. After being allowed to control the nation's telephone service for decades, as a government-supported monopoly, the giant telecommunications company found itself challenged under antitrust laws.

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