Disadvantages of a Monopoly.

Apr

11

2016

Monopoly is the the exclusive possession or control of the supply or trade in a commodity or service. A monopoly has many disadvantages. A monopoly tends to have a poor level of service. A monopoly market is best known for consumer exploitation. There are indeed no competing products and as a result the consumer gets a raw deal in terms of quantity, quality and pricing. In a monopoly, lack of competition leads to low quality and out dated goods and services and consumers may be charged high prices for these low quality goods and services.

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