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Monopoly

QuestionAnswer
Name 4 characteristics of a monopoly One supplier. Controls quantity or price. Seeks to maximise profit. Barriers to entry exist.
Name 8 barriers to entry Legal monopoly. Patent ownership. Ownership of raw material. Economies of scale. Cartels. Mergers. Brand loyalty.
Is SNP earned in the long run in a monopoly? Yes
Name 5 advantages of a monopoly market structure Economies of scale. Guaranteed supply. Secure employment. No duplication, less waste of scarce resources. R&D potential.
Name 5 disadvantages of a monopoly market structure Exploitation of customers. Inefficient use of scarce resources. Production of fewer goods at higher prices. Less innovation
What regulates monopolies? Competition act 2002
Name three divisions set up by the Competition act 2002 Monopolies division. Cartels division. Mergers division.
Define deregulation The removal of government controls from an industry or sector to allow for a free and efficient market place
Name three things affected by deregulation Fall in prices for consumers. Job risks for employees. Profits may fall for monopolies.
How can state companies increase efficiency? Appoint experienced entrepreneurs. Performance related pay. Deregulation. Allow companies to form alliances. Discontinue unprofitable services. Privatisation. Limit government interference.
Define privatisation Sale of state companies to private companies
Define nationalisation The purchase of private companies by the state
Created by: JackEatonK98