'Competition law Essay\r'

'A situation in which a whizz company or convention owns all or nearly all of the food market for a given type of product or service. By definition, monopoly is characterized by an absence of competition, which often results in high prices and inferior products.\r\nAccording to a grim academic definition, a monopoly is a market containing a wiz firm. In such instances where a single firm holds monopoly power, the company will typically be forced to divest its assets. Antimonopoly regulation protects bleak markets from being dominated by a single entity.\r\nExplanation ‘Monopoly’\r\nMonopoly is the extreme case in capitalism. near believe that, with few exceptions, the system just doesn’t work when in that respect is only one supplier of a good or service because at that place is no incentive to improve it to meet the demands of consumers. Governments strain to prevent monopolies from arising through the use of antitrust laws.\r\nOf course, there are gra y areas; take for example the granting of patents on new inventions. These give, in effect, a monopoly on a product for a set period of time. The abstract thought behind patents is to give innovators some time to find what are often large research and growth costs. In theory, they are a way of development monopolies to promote innovation. Another example are domain monopolies set up by governments to provide essential serve. Some believe that utilities should offer public goods and services such as water and electricity at a price that is affordable to everyone.\r\n'