Competition vs. Monopolies in the American Economy Term Paper

Pages: 1 (383 words)  ·  Bibliography Sources: 0  ·  File: .docx  ·  Topic: Economics

Competition vs. Monopolies

In the American Economy, business is controlled by the government and the consumer. When a person is the owner of a business that is alone in its product that it provides for the consumer, it is said to be a monopoly. As a monopoly you have sole control over price. Monopolies are regulated by the government in order to prevent the misuse of power that a monopoly has.

If a person can only get turkey, for example from one store. Then the store can charge a lot more for that turkey than it could if the store next door was selling it too because then there would be competition. Also, the store would not have to produce a better quality of turkey because there would be no reason for it to do so. In this situation the consumer is taken unfair advantage of by the business owner, in this case the store.Get full Download Microsoft Word File access
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Term Paper on Competition vs. Monopolies in the American Economy, Assignment

Government regulates monopolies to promote a perfect competition economy and to get rid of the "turkey situation" discussed above. The benefits of a perfect competition economy benefit consumers. For example, if we go back to the… [END OF PREVIEW] . . . READ MORE

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How to Cite "Competition vs. Monopolies in the American Economy" Term Paper in a Bibliography:

APA Style

Competition vs. Monopolies in the American Economy.  (2007, February 12).  Retrieved October 31, 2020, from

MLA Format

"Competition vs. Monopolies in the American Economy."  12 February 2007.  Web.  31 October 2020. <>.

Chicago Style

"Competition vs. Monopolies in the American Economy."  February 12, 2007.  Accessed October 31, 2020.