3. Describe an important difference in the way an economist and a business person might view a monopoly
Answers
Answer:
Basic difference between view of economist and a businessman towards monopoly is- An economist think about welfare of the society. Monopoly dose not give maximum welfare to the society. Perfect competition gives maximum welfare to consumer and producer as well as to the society.
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Explanation:
Answer: Basic difference between view of economist and a businessman towards monopoly is- An economist think about welfare of the society. ... In the view of a businessman , monopoly is the best market situation for him.
Explanation:
A market which has an exclusive seller, selling a product which has no competitor in the market that is no rival or no substitute. Most monopoly market has characteristics of many difficulties to enter the market like large amount of capital, long period of investment in research and development, requirement of many skillful, talented human resources, and complexity in management for distribution, marketing and information. These certain barriers prohibit the new entry and enhance the supplier power.
An economist view towards monopoly is about goodness or effects to the society. Monopoly are not maximize the efficacy to the society, in some condition, it may be harmful to the society. Fairness and competitiveness can enhance the benefits for consumers, society and manufacturers.