Perfect competition in a sentence
Asked by maham237 @ in Business viewed by 319 People
In three to four sentences, explain why prices decrease when the market moves from a monopoly to perfect competition?
Answered by maham237 @
When a company has a monopoly on a product, there is no other competition so that producer can price the product however high they want. When there is competition, the product must be priced appropriately or the consumer will go to another option. Additionally, monopolies can result is a lesser quality product.
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