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In some cases, this can lead to duopolies. In a monopolistic competitive industry, barriers to entry and exit are typically low, and companies try to differentiate themselves through price cuts and marketing efforts.
However, since the products offered are so similar between the different competitors, it's difficult for consumers to tell which product is better.
Some examples of monopolistic competition include retail stores, restaurants, and hair salons. Also, natural monopolies can arise in industries that require unique raw materials, technology, or it's a specialized industry where only one company can meet the needs.
Pharmaceutical or drug companies are often allowed patents and a natural monopoly to promote innovation and research.
There are also public monopolies set up by governments to provide essential services and goods, such as the U. Usually, there is only one major private company supplying energy or water in a region or municipality.
The monopoly is allowed because these suppliers incur large costs in producing power or water and providing these essentials to each local household and business, and it is considered more efficient for there to be a sole provider of these services.
Imagine what a neighborhood would look like if there were more than one electric company serving an area. The streets would be overrun with utility poles and electrical wires as the different companies compete to sign up customers, hooking up their power lines to houses.
Although natural monopolies are allowed in the utility industry, the tradeoff is that the government heavily regulates and monitors these companies.
A monopoly is characterized by the absence of competition, which can lead to high costs for consumers, inferior products and services, and corrupt behavior.
A company that dominates a business sector or industry can use that dominance to its advantage, and at the expense of others.
A monopolized market often becomes an unfair, unequal, and inefficient. Mergers and acquisitions among companies in the same business are highly regulated and researched for this reason.
Firms are typically forced to divest assets if federal authorities believe a proposed merger or takeover will violate anti-monopoly laws. By divesting assets, it allows competitors to enter the market by those assets, which can include plant and equipment and customers.
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Produktbeschreibung des Herstellers: Das kennt doch jeder! De Beers has control over most of the diamond mines in South Africa, Namibia, and Botswana, and it purchases and stockpiles its supply of rough diamonds so that it can charge very high prices as the primary supplier of diamonds in the industry.
De Beers ships a large portion of its rough diamond supply to London, where they are graded, catalogued, and sorted.
De Beers once enjoyed a 90 percent market share back in the s, but this number plummeted to less than 50 percent after they were sued for, and pled guilty to, price-fixing of industrial diamonds back in Luxottica, which owns 80 percent of the major eyewear brands worldwide, is a household item, if not a household name.
As everyone who has purchased a set of glasses, from budget brands such as those sold at Sears Optical, to the luxury brands like Coash, and others sold at a wide variety of retail outlets, make this company a prime example of monopoly.
In fact, their products appear, by different brand names, in more than 7, retail locations across the globe. An interesting question posed by 60 Minutes in a segment they did in is: why is there such a difference in prices among glasses that are manufactured by the same company?
Do they use their effective monopoly in order to command higher prices for so-called luxury brands? Monsanto has come a long way since its inception in , when John Francis Queeny started the company with money from his own pocket.
Since then, Monsanto has become a global empire in the food industry, having built its reputation on: a the promotion of genetically modified foods, and b being merciless toward anyone who has the gall to use their genetically modified foods without paying them for them.