WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Less workers are needed
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More workers are needed
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Prices of goods go down
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Prices of goods go up
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Detailed explanation-1: -Understanding Monopoly A monopolist can raise the price of a product without worrying about the actions of competitors. In a perfectly competitive market, if a firm raises the price of its products, it will usually lose market share as buyers move to other sellers.
Detailed explanation-2: -The disadvantages of monopolies include price-fixing, low-quality products, lack of incentive for innovation, and cost-push inflation.
Detailed explanation-3: -Because they face little or no competitive pressure, monopolists often produce inferior products because they know that customers cannot find an alternative product or service. Monopolists are free to limit production, driving prices even higher.
Detailed explanation-4: -The disadvantages of monopoly to the consumer Charging a higher price than in a more competitive market. Reducing consumer surplus and economic welfare. Restricting choice for consumers. Reducing consumer sovereignty.