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What advantages do monopolies have for the economy

Monopoly companies have a business that it is the only business that provides a product or service that is not offered anywhere else.They operate on a larger scale that most don’t and they can keep up with the demand regardless of supply or price.Just like patents , a patent usually expires within twenty years it all depends on your market. Some patents expire at different times but when you are creating or innovating you should have a patent it protects you and your invention. A patent keeps someone from making the same thing you did and claim it for themselves.

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What disadvantages do monopolies do for the economy

Monopolies provide everything that the consumer needs in their market because they are the only business that offer the products or services they need. They can raise prices at anytime knowing consumers will pay because of the demand. If smaller companies try to offer that product or service for less then the monopoly will decrease their prices in order to keep or shut that business down,that is when the government steps in and put regulations in place to keep the monopoly in place. When the monopoly company is forcing out the smaller competitor they start to lose product quality and or make new products because of keeping up with supply and demand.

What advantages do monopolies have for the economy

Monopoly companies have a business that it is the only business that provides a product or service that is not offered anywhere else.They operate on a larger scale that most don’t and they can keep up with the demand regardless of supply or price.Just like patents , a patent usually expires within twenty years it all depends on your market. Some patents expire at different times but when you are creating or innovating you should have a patent it protects you and your invention. A patent keeps someone from making the same thing you did and claim it for themselves.

What disadvantages do monopolies do for the economy

Monopolies provide everything that the consumer needs in their market because they are the only business that offer the products or services they need. They can raise prices at anytime knowing consumers will pay because of the demand. If smaller companies try to offer that product or service for less then the monopoly will decrease their prices in order to keep or shut that business down,that is when the government steps in and put regulations in place to keep the monopoly in place. When the monopoly company is forcing out the smaller competitor they start to lose product quality and or make new products because of keeping up with supply and demand.

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