What is a example of monopoly?

Question

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Answer 1

It's like if Exxon Mobile purchased every gas company in the world and set their prices to empty your pockets. They would have 100% control of the gas market with no other competition. This in turn is a monopoly on gas.

A monopoly is simply a corporation having 100% control over a particular good or service with no competition.

Answer 2

In Economics, monopoly (also "Pure oligopoly") exists when a specific individual or enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it. Monopolies are thus characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods.

Examples:

Microsoft; settled anti-trust litigation in the U.S. in 2001; fined by the European Commission in 2004, which was upheld for the most part by the Court of First Instance of the European Communities in 2007. The fine was 1.35 Billion USD in 2008 for incompliance with the 2004 rule.

National Football League

Major League Baseball

United States Postal Service can only deliver first class mail.

Answer 3

Owning Boardwalk and Park Place.  :)

Answer 4

Where a grocery store has no competition in the area. the people have no choice to go to that store which allows the store to set prices as they please.

Answer 5

The exclusive possession or control of something.  

Something that is the subject of such control, as a commodity or service.  

A company or group that has such control.

Answer 6

Bell in Canada...

pretty well has a monopoly in Canada ..

They own most (if not all) of the telephone lines in Canada...

We don't really have any other Land Line phone companies other than Bell ..

:)

Answer 7

world cultures

Answer 8

when you get an idea that no one else has come up with and suck it up.... monopolize on it.... or if you know of someone that has had a good idea and started it but didn't trade mark it and you see potential  in his idea that would work better and buy it up and make it work...

cheers

mystic

Answer 9

The United States Postal Service.

Answer 10

Comcast in Prince William County, Virginia.  They are the only high speed Internet provider available.  There is no competition in this arena.  That is a monopoly.

"mo·nop·o·ly  

–noun - exclusiive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices."

http://dictionary.reference.com/browse/m...

Answer 11

A company that controls a certain business and makes it's own constrictive rules because there is no competition, example: Let's say there is but ONE cell phone company, they can charge us a lot and there is nothing we can do because it's either THEM or the highway! They know they control the whole business so they don't care and don't work hard to win you and keep yous atisfied with their service.

Answer 12

The Board Game

or in history?

if history.

Try searching on britannica.com

Answer 13

n Economics, monopoly (also "Pure oligopoly") exists when a specific individual or enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it. [1] Monopolies are thus characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods. [2] Alternatively (a modern and less common usage), it may be used as a verb or adjective to refer to the process (see Monopolism) by which a firm gains persistently greater market share than what is expected under perfect competition. The latter usage of the term is invoked in the theory of monopolistic competition.

So to put it  simpler, it is when only one company, corporation or business entity controls a commodity or service to the point that there is no competition, and 'sets' the price.

The best example was the monopoly held over telephone service by AT&T (Bell telepone)...It used to be that if you wanted telephone service you HAD to have Bell (with some exceptions around the country) and nothing else.

For almost a century, Bell Telephone (renamed AT&T in 1899) enjoyed a monopoly in the United States.  

http://www.corp.att.com/history/history3...

This allowed the company to recoup its investment in equipment and capital improvements like buildings, poles, purchased right-of-way, etc.  Eventually (1913) the US Government put a cap on Bell's profits, limiting them to 10% after taxes.  To hold to this low margin, Bell burned excess profits by spending them on R&D within two of its sub-companies, Bell Laboratories, and Western Electric.  

In spite of this cap, Bell was one of the most successful companies in the history of the world.  It was the largest US corporation until it was forced to split in 1984.

When it split, into AT&T and seven regional operating companies (called the "Baby Bells") its total annual revenues were 50 Billion.  In a dozen years, AT&T was grossing 50 Billion, and the Baby Bells were grossing 50 Billion!  AT&T's share of the long distance market dropped from 90% to 50%, and rates dropped by 40%.  But (surprise!) telephone calls lie on a demand curve, and the lower the cost, the more the customer buys!  In 1984, volume was 37 million calls a day; by 1989 it was 100 million, and by 1999, 270 million.  Of course, AT&T is immensely profitable, while offering services that are competitive, and lower than anyplace else in the world.  

Another example that is frequently pointed out is Standard Oil. But there is some discussion as to whether or not it was a true monopoly. Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870, it operated as a major company trust and was one of the world's first and largest multinational corporations until it was broken up by the United States Supreme Court in 1911.[3] John D. Rockefeller was a founder, chairman and major shareholder, and the company made him a billionaire and eventually the world's richest man.

The RAILROADS of the 1800's eventually were deemed monopolies as they colluded and set prices to stifle competition.

Today Microsoft, has been accused of trying to monopolize the operating system for computers, and has been sued many times over this issue.

Answer 14

industrial capitalism...for example in the 1900's when Andrew Carnegie and J.P. Morgan were the business tycoons also John D. Rockefeller and Cornelius Vanderbilt

Answer 15

buying all the railroads

Answer 16

Owning a whole block of properties, or a chain of business'

Answer 17

The most recent example I can think of is the Microsoft/Netscape fued. A monopoly is when a corporation corners a market and makes competition for the same product or services non-viable.

For a long time, netscape and Internet explorer were competing browsers. Microsoft, of course, owned Internet Explorer as well as the most popular OS on the market - Windows. So when Microsoft released a version of windows that integrated their browser into the core schematic of the OS, it completely eliminated the need for alternate browsers. Hence, they cornered the marked and made their competition irrelevant.

Answer 18

Microsoft, and Intel...

Sure, there are other out there who produce, in many cases, better products, but when you purchase a computer, these two companies are pretty much forced on you.

Answer 19

Airline industry

difficult entry/exit and few companies with similar products

Answer 20

(economics) a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price ...

An example would be to say if Comcast was the only cable television provider in your area.  If you want cable, you have no choice but to go to Comcast and because of this they can charge anything they want.

Answer 21

When 1 company controls its product. Like the cable co.

Answer 22

Water companies.  You have no choice but to use them to buy your water.