How does the monopoly power influence social interactions and the Individual’s economic actions?

Question

Question

Answer 1

Answer #1

Answer : Monopoly power has greatly influence the society as well as influence a lot individual in the following ways :

There is no industry competition.So monopoly charge higher price and customer as individual will not able to substitute that good or services with a more affordable alternative.
Monopoly created a rigid demand curve .
Monopoly created deadweight loss in an economy. It resulted in the shortage of goods and services in an economy.
It created economy inefficient in a society.
Individual suffered a lot.
Allocative inefficient has been created.

Answer 2

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