In ________, one firm provides the product or service in a particular industry, which results in less price competition.

Question

04-11-2022
Business

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In ________, one firm provides the product or service in a particular industry, which results in less price competition.

Answer :

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KrishnaMitra KrishnaMitra · Answer 1 · 2022-11-08T17:27:09-05:00

Monopoly reduces pricing competition since just one firm offers the good or service in a given sector. Hence option (a) is the correct response for this question.

What are the types of Monopoly ?

A monopoly is a market arrangement where one producer or seller holds a disproportionate amount of power within a certain market. The different monopoly kinds are listed below:

The Pure Monopoly : A single vendor in a market or industry with substantial entry barriers, such as high beginning costs, and no competitors is considered to have a pure monopoly.

Monopolistic competition : Monopolistic competition is described as the presence of multiple vendors with comparable replacements in a given industry segment. Entry barriers are low, and competing businesses distinguish themselves through pricing and marketing initiatives.

Natural monopolies : In reliance on distinctive raw materials, technology, or specialty, a natural monopoly develops. Companies with patents or high R&D expenditures, such as pharmaceutical firms, are seen as natural monopolies.

Public Monopolies : Public monopolies offer necessary services and products, such as those in the utility sector, where an area often receives its energy or water from just one company. Government communities permit and strictly regulate the monopoly, and they also have authority over rates and rate hikes.

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The complete question is given below :

In _____, one firm provides the product or service in a particular industry, and as such results in less price competition.

a. a monopoly

b. an oligopoly

c. monopolistic competition

d. oligopolistic competition

e. pure competition