amit sports LTD. was in business of trademills and had a monoply in the market . the business was doing very well
Answers
Answer :
Amit Sports LTD. had a monopoly in the treadmill market and it was doing well. They were the sole supplier of treadmills in the market and was able to charge higher prices for their products and make larger profits. Monopoly can lead to negative effects such as lack of innovation and higher prices for consumers.
Explanation :
Amit Sports LTD. was in the business of trading treadmills and had a monopoly in the market. The business was doing very well as they were the sole supplier of treadmills in the market. Monopoly is a situation where a single company or entity controls the entire market for a certain product or service, and there are no close substitutes. This means that consumers have no other options but to buy from that company, which allows the company to set higher prices and make greater profits. In this scenario, Amit Sports LTD. was able to charge higher prices for their treadmills and make larger profits due to their monopoly in the market. However, it's important to note that monopolies can lead to negative effects such as lack of innovation, reduced competition, and higher prices for consumers.
To know more about the concept please go through the links :
https://brainly.in/question/53844631
https://brainly.in/question/50005935
#SPJ2