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How To Deal With Bad Monopoly In The Market?
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[QUOTE="Jasz, post: 209261, member: 61772"] Monopolies are basically known as economic market conditions where a single firm is able to influence and control the price of a particular product or service in the market. It is one of the worst situations for business as it negatively impacts the consumers/ buyers who have limited options to choose from. It can also be said to be a single firm or enterprise that is the only seller of a particular product and faces no competition from other sellers. Bad monopolies occur when the government grants an inefficient firm a legal monopoly without considering potential harm to society. Monopoly plays an important role in market economy. On the one hand, monopoly can promote the progress of innovations and technological revolution. But , monopoly can restrict competition, which may lead to high prices, unnecessary costs, corruption and unethical business practices. I feel the government has a great role to play in order to curb this. If the government is as good as having citizens welfare at heart, the government can make policies that will cover the citizen from any form of monopoly. Just like Dangote Cement in Nigeria, once it goes up we have no choice than to buy because it's kinda monopolized and the government is not bothered about [/QUOTE]
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