ADVANTAGES AND DISADVANTAGES OF MONOPOLY
ADVANTAGES OF MONOPOLY A monopoly is able to provide better working conditions to employees because of the high profits realised In some monopolies, high standards of services/goods are offered Monopolies always enjoy economies of scale. This may help the consumer in that the goods supplied by a monopoly will bear lower prices. A monopolist may use the extra profit earned to carry out research and thus produce higher quality goods and services. The consumer is protected in that essential services such as water and power supply is not left to private businesses who would exploit the consumers. DISADVANTAGES OF MONOPOLY A monopolist can control output so as to charge high prices Consumers lack freedom of choice in that the product produced by a monopoly has no substitute Low quality products may be availed to consumers due to lack of competition RELATED POSTS COMPARISON BETWEEN FISHING IN KENYA AND JAPAN THE CONCEPT OF ENVIRONMENT, COMPONENTS OF ENVIRONMENT AND THE PROBLEM FACING E...