A monopoly happens when one company has complete control over a market for a specific product. This can affect prices and choices for shoppers in a few ways:
Higher Prices: When there’s no competition, monopolies can charge more money. For instance, if only one company sells ice cream, it might charge 3 when there are other brands.
Fewer Choices: People may not have many options. Instead of picking from lots of flavors from different companies, a monopoly might only have one or two flavors to choose from.
Innovation Possibilities: Even though monopolies might not seem eager to create new products, they could spend more money on research and development because they have a lot of money.
In short, monopolies can limit what people can buy and usually lead to higher prices.
A monopoly happens when one company has complete control over a market for a specific product. This can affect prices and choices for shoppers in a few ways:
Higher Prices: When there’s no competition, monopolies can charge more money. For instance, if only one company sells ice cream, it might charge 3 when there are other brands.
Fewer Choices: People may not have many options. Instead of picking from lots of flavors from different companies, a monopoly might only have one or two flavors to choose from.
Innovation Possibilities: Even though monopolies might not seem eager to create new products, they could spend more money on research and development because they have a lot of money.
In short, monopolies can limit what people can buy and usually lead to higher prices.