Monopoly and Competition

[unhappy triad]

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

 

[Herzhan]

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. ... It is generally assumed that a monopolist will choose a price that maximizes profits.

 

[Ltherman]

You haven't given much information to help know how best to advice. Monopoly in a free market economy is quite difficult because with a successful template others will definitely want to be copy cats implementing same strategies.

 

[Chizfab]

From the little experience l have in business as a supplier, to achieve monopoly in a competitive business line, you have to up your game and go extreme to cut off other competitors. You will do everybody to glue all or most of the customers to yourself by providing every product they need, take for instance DSTV. You won't want to look else when you have everything you need in DSTV.

 

[Shayo]

You can't drive out competitions completely you can only stand out build an edge over them.
To achieve this, constantly innovate new products or improvements on the current one, adjust your price too. Step up your marketing and customer service too, hire competent persons who are up to the task.

 

[Kehinde]

In a perfectly competitive market, price equals marginal cost and firms earn an economic profit of zero. In a monopoly, the price is set above marginal cost and the firm earns a positive economic profit. Perfect competition produces an equilibrium in which the price and quantity of a good is economically efficient.

 

[Denuola]

Monopoly and competition, basic factors in the structure of economic markets. In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. In this situation the supplier is able to determine the price of the product without fear of competition from other sources or through substitute products. It is generally assumed that a monopolist will choose a price that maximizes profits.

 

[Alexandoy]

I don't know what you are driving at because in our economy it is a free enterprise which means monopoly is discouraged. In the olden times there was San Miguel the brewery of the only beer in our country. When a competitor was born San Miguel did not hesitate - they bought the Halili Beer to consolidate into their brewery. in the 1970s Asia Brewery came along for another competition. But this time San Miguel couldn't buy the competitor because the owner is one of the richest person in our country. Until now the beer makers here are San Miguel and Asia Brewery.

 

[Ralphjoe]

Monopoly and competition are very important to a business because you can't monopolize your business when competition is around the corner. The only way that you can monopolize your business in such an issue is by taking your business out if the place but be rest assured that your business may not be able sell in the new market you went into.

 

[Emma Aneni]

I don't know what you are driving at because in our economy it is a free enterprise which means monopoly is discouraged. In the olden times there was San Miguel the brewery of the only beer in our country.

 

[Abbas ali]

In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. ... It is generally assumed that a monopolist will choose a price that maximizes profits.

 

[Quert]

A monopolist can increase the price of a commodity without caring about the actions of competitors. If a firm raises the price of its goods in a perfectly competitive market, it will typically lose market share as customers switch to other sellers.

 

[Bilal0087]

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

I think monopoly business is more preferable then competition between the business, because when you go for competition you have to work more hard to compete with others and ultimately you will destroy your mental patients.
So it is better to deal with your own business.

 

[Kelly5]

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

Everybody will always want to maximize their profits by first cutting out the competition. The smaller the competition, the more dominant you are in the market. Which means more profits for you as well

 

[Divulgence]

Monopoly and competition, basic factors in the structure of economic markets. In economics, monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute. In this situation the supplier is able to determine the price of the product without fear of competition from other sources or through substitute products. It is generally assumed that a monopolist will choose a price that maximizes profits.

 

[Adetayo100]

Monopoly and competition signify certain complex relations among firms in an industry. A monopoly implies an exclusive possession of a market by a supplier of a product or a service for which there is no substitute.

 

[GIFTMICHAEL]

I don't like a monopolize economy it deterred growth and development.
For instance that was the case in Nigeria. The federal government of Nigeria out of greed and lack of knowledge they tried to leave the economy of a country numbering about 200m population in the hand of a single man called Dangote because they want to make him the richest. This sounds so crazy.

 

[abubakar3141]

Monopoly and rivalry, in economics, mean that dynamic relationships between companies in a market. A monopoly means that the provider of a good or service for which there is no alternative has exclusive control of a business. ... A monopolist is usually believed to select a price that maximizes profits.

 

[Tinaconcept]

Competition is very good for a business and trying to drive that out totally will be impossible. Competition will make the business owner work more to keep his or her product in the market because when you don't change your method you loose out. Packaging, innovation and pricing are very important

 

[Akinwale701]

How do I drive out competition and solely monopoly my business?
Shouldn't that be the best way to maximize profit?

Except you're the government of a country, that is the only way by which you can remove monopoly from your business. even as a government, some individuals still try to sell the same goods you sell to others. the best way to remove competition is to let your products and services stand out with good quality. you need not worry, people know the right goods and service to patronize.