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Inappropriate levels of competition amongst both buyers and sellers - Essay Example

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Causes of monopoly include; natural monopoly where a company controls the raw materials, legal monopoly where the government issues patents or copyright to owners of ideas. There is also statutory monopoly given to utility service providers. There are monopolies due to…
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Inappropriate levels of competition amongst both buyers and sellers
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Inappropriate levels of competition amongst both buyers and sellers

Download file to see previous pages... This would be beneficial because the government will regulate the prices and production and ensure quality services at low costs. Monopoly power is also preferable in situations where innovation develop new situations (creative destruction), for example, the extinction of CDs to development of downloadable music from the internet (Dwivedi, 2002).
For contestability to occur, there must be potential entrants who evaluate profitability based on the current firm’s prices, there must be at least one rival with the same cost structure, and entry and exit should be free. Limits of contestability are; reduced profits, sunk costs and barriers to entry. Benefits of contestability include; increased incentives which enable firms to take action on consumer preferences, and cut costs, and lower costs (Piazza, ...Download file to see next pagesRead More
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