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__________________ occurs when a country has a monopoly on producing a product or is able to produce it at a cost below that of all other countries.
Monopolies are thus characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods.[2] The verb "monopolize" refers to the process by which a company gains the ability to raise prices or exclude [ competitors. In economics, a monopoly is a single seller. In law, a monopoly is business entity that has significant market power, that is, the
power, to charge high prices.[3] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[4] ]
Expert answered|AwesomeGuy200|Points 578|
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Asked 5/27/2012 8:27:00 PM
Updated 141 days ago|3/10/2014 4:06:35 AM
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Absolute Advantage occurs when a country has a monopoly on producing a product or is able to produce it at a cost below that of all other countries.



Added 141 days ago|3/10/2014 4:06:35 AM
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