What are some examples of monopolies? What are the criteria to be classified as a monopoly? How are they formed? What would happen in our economy if monopolies were legal? Should they be legal and support your position?

Need a paper written? Our academic experts can create an original essay on any subject for ~~$13.00~~ $11/page Learn More

A monopoly on the market is achieved when one company or entity possesses absolute power over it. Currently, such businesses as Microsoft and Google can be considered monopolies. The first dominates the market for operating systems, and the second is the largest search engine and advertisement platform. To be classified as a monopoly, a company has to be the only seller on the market or have the power to decide the prices, support high barriers of entry, and engage in price discrimination.

The formation of monopolies can happen by acquiring or eliminating competitors. If monopolies were legal today, the economy would be controlled by a small number of firms, which could influence prices and policy, and laws surrounding the market. They should be illegal to foster competition, increase the quality of products, and keep customers as the main deciding factor.

Rate the answer:

Further research on topic

Answer by Academic.tip's expert

An answer to this question is provided by one of our experts who specializes in business & economics. Let us know how much you liked it and give it a rating.

Cite this page

Select a citation style:

References

Academic.Tips. (2023) 'What are some examples of monopolies? What are the criteria to be classified as a monopoly? How are they formed? What would happen in our economy if monopolies were legal? Should they be legal and support your position'. 15 March.

Reference

Academic.Tips. (2023, March 15). What are some examples of monopolies? What are the criteria to be classified as a monopoly? How are they formed? What would happen in our economy if monopolies were legal? Should they be legal and support your position? https://academic.tips/question/what-are-some-examples-of-monopolies-what-are-the-criteria-to-be-classified-as-a-monopoly-how-are-they-formed-what-would-happen-in-our-economy-if-monopolies-were-legal-should-they-be-legal-and-sup/

References

Academic.Tips. 2023. "What are some examples of monopolies? What are the criteria to be classified as a monopoly? How are they formed? What would happen in our economy if monopolies were legal? Should they be legal and support your position?" March 15, 2023. https://academic.tips/question/what-are-some-examples-of-monopolies-what-are-the-criteria-to-be-classified-as-a-monopoly-how-are-they-formed-what-would-happen-in-our-economy-if-monopolies-were-legal-should-they-be-legal-and-sup/.

1. Academic.Tips. "What are some examples of monopolies? What are the criteria to be classified as a monopoly? How are they formed? What would happen in our economy if monopolies were legal? Should they be legal and support your position?" March 15, 2023. https://academic.tips/question/what-are-some-examples-of-monopolies-what-are-the-criteria-to-be-classified-as-a-monopoly-how-are-they-formed-what-would-happen-in-our-economy-if-monopolies-were-legal-should-they-be-legal-and-sup/.

Bibliography

Academic.Tips. "What are some examples of monopolies? What are the criteria to be classified as a monopoly? How are they formed? What would happen in our economy if monopolies were legal? Should they be legal and support your position?" March 15, 2023. https://academic.tips/question/what-are-some-examples-of-monopolies-what-are-the-criteria-to-be-classified-as-a-monopoly-how-are-they-formed-what-would-happen-in-our-economy-if-monopolies-were-legal-should-they-be-legal-and-sup/.

Work Cited

"What are some examples of monopolies? What are the criteria to be classified as a monopoly? How are they formed? What would happen in our economy if monopolies were legal? Should they be legal and support your position?" Academic.Tips, 15 Mar. 2023, academic.tips/question/what-are-some-examples-of-monopolies-what-are-the-criteria-to-be-classified-as-a-monopoly-how-are-they-formed-what-would-happen-in-our-economy-if-monopolies-were-legal-should-they-be-legal-and-sup/.

Copy