INTRODUCTION
Monopoly is an economic situation in which only a single seller or producer supplies a commodity or a service. For a monopoly to be effective there must be no practical substitutes for the product or service sold, and no serious threat of the entry of a competitor into the market. This enables the seller to control the price.
One or more of the following elements are of great importance in establishing a monopoly in a particular industry:
(1) Control of a major resource necessary to produce a product, as was the case with bauxite in the pre-World War II aluminum industry.
(2) Technological capabilities that allow a single firm to produce at reasonable prices all the output of a particular commodity or service, a situation sometimes described as a "natural" monopoly;
(3) Exclusive control over a patent on a product or on the processes used to produce the product.
(4) A Government franchise that awards a company the sole right to produce a commodity or service in a......

Join Now to view the rest of this term paper!
Members: Login to view this research paper.

Title: Mongoly
Approximate Word Count: 1996
Approximate Pages: 8 (250 words per double-spaced page)

With the Term Papers Lab Membership Pass, you get instant access to every essay on this site, including this essay on Mongoly, for as long as you remain a member.

Other essays sites charge almost $100 for a single term paper. At Term Papers Lab, you can get instant access to over 100,000 research papers for as little as $29.95!