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17 November, 00:03

A particular computer software manufacturer creates a product that all computers are required to use. The exclusive product allows the manufacturer to dictate prices, standards of quality, and product availability. This would be an example of a:

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  1. 17 November, 00:59
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    Monopoly

    Explanation:

    Monopoly is a market structure in which a unique product is sold by a single seller in the market. Simply put, it is a market that is dominated by one seller.

    In monopoly, the single seller has the power through the uniqueness of his product to dictate prices, standards of quality of product, availability of product, etc. This means that the seller has no close substitution or competition from another manufacturer and as such has the full control of the market.

    In monopoly, there is almost no control of prices as manufacturer can increase prices as he see fit which can come as a disadvantage to consumers.

    Cheers.
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