Monopolies Effect on Resource Allocation in Industry Free Essay, Term Paper and Book Report
Monopolies are under constant critics from the public and other producers of being polutive, straining to competition and they are accused of worsening resource allocation. Whether this is true or not, depends on the specific company, but certain characteristics are possible to define. It is these I will describe in the following, and hence conclude if monopolies worsen or improve resource allocation.It is important to distinguish between competition and monopoly before describing advantages and disadvantages of both. Many monopolies are government owned. This means that the incentive to strive for more profit, better conditions etc. is gone. This is due to the fact that, if there is a loss, the government will cover it, and government owned companies seldom strive to achieve maximum profits. A lot of the characteristics are also seen in privately owned monopolizing firms. When they become so big, that competition is practically gone, the incentive to make even more profits, and being innovative diminishes.In a competitive industry this is not the case. The fear of loosing your job, ......
Word Count: 617
Page Count: 2.4 (250 words a page / double spaced)
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