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Disadvantages of operating a monopolistic business.
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[QUOTE="Mastergp, post: 265600, member: 85422"] Before we look into it disadvantages let look at what monopoly really mean: [B]What is monopoly[/B] : Monopoly base on my own idea can be define as a means in which process of competition is low, making one the only source provider of goods and services in a particular location. This aspect of marketing usually occur at rural area because the means of investment are usually low. Those engaging in this form of trade usually buy their goods in larger quality because those needing their product are vast. In some area such business may be the only seller of such product in that locality. They are many disadvantages of monopoly business that one can consider before investing in this form of business : [B]Fixing of price for product:[/B] The are the only sellers of that product in the location so the fixing of prices are basically theirs to chose and they product in place of superior products because the are no competitor to confirm the product quality, giving buyer no choice but to buy the product and at most times the sell this product at higher price. [B]Not showing seriousness toward work:[/B] This part place competition in a positive side reason why monopoly could hinder success because the seller could not show sign of seriousness because he or she does not have any competitor, that is to say he can come to work at any time and go at any time, most time might not come for a month or more because there is no one competing with him or her. [/QUOTE]
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