1 answer

Should society ban monopolies? If so, provide an example of a monopoly firm or an industry...

Question:

Should society ban monopolies? If so, provide an example of a monopoly firm or an industry in which monopoly conditions exist and whether this monopoly should be allowed to continue.


Answers

Monopolies shouldn't be banned but regulated. If a monopoly is banned then the government is thumping down a big revenue contributor. Keeping the fact in mind that monopolies set higher prices, the government should intervene in this matter and then set regulations like price ceilings etc for the best interest of the customers. Defennce and armed forces are sort of monopoly which should be allowed as they provide high end seciriseto the country and if this is broken, then there is a possibility that the country might collapse.

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