Monopoly Wikipedia

Monopoly Wikipedia Inhaltsverzeichnis

Monopoly (englisch für „Monopol“) ist ein bekanntes US-amerikanisches Brettspiel. Ziel des Spiels ist es, ein Grundstücksimperium aufzubauen und alle. DKT – Das kaufmännische Talent ist ein Brettspiel mit einem ähnlichen Spielmechanismus wie Monopoly und basiert auf The Landlord's Game. Es ist in​. Die Monopoly-Geschichte beginnt im Jahre mit Elizabeth Magie. Erfahre mehr über die erste Monopoly Version und wie sie entstanden. Monopoly - Monopoly Classic (Deutsche Version) bei kempenlaan.be | Günstiger Preis | Kostenloser Versand ab 29€ für ausgewählte Artikel. Pokémon Monopoly ist eine Pokémon-Variante des bekannten Brettspiels Monopoly Wikipedia kempenlaan.be, die im Jahr von Parker Brothers.

Monopoly Wikipedia

Die Monopoly-Geschichte beginnt im Jahre mit Elizabeth Magie. Erfahre mehr über die erste Monopoly Version und wie sie entstanden. philipp plein wikipedia italiano,philipp plein münchen,philipp plein shoes mens uk,philipp plein mantel fietsen,philipp plein hemd yeezy,philipp plein t shirt china​. Pokémon Monopoly ist eine Pokémon-Variante des bekannten Brettspiels Monopoly Wikipedia kempenlaan.be, die im Jahr von Parker Brothers. Neu in der Sammlung. Hier trage ich die neu hinzugekommenen Spiele ein, die zwar schon hier vorliegen, aber evtl. noch nicht beschrieben. Was Sie aber vielleicht noch nicht über Monopoly wussten, verrät uns der Eintrag auf Wikipedia. Monopoly wurde von einer Frau erfunden: „Als Erfinderin gilt. philipp plein wikipedia italiano,barbour handtaschen test,barbour international jacket liverpool,barbour regenjacke damen,barbour beaufort classic review. philipp plein wikipedia italiano,philipp plein münchen,philipp plein shoes mens uk,philipp plein mantel fietsen,philipp plein hemd yeezy,philipp plein t shirt china​.

Monopoly Wikipedia - Navigationsmenü

Deswegen wurde das Spiel am Zur Kategorie Puzzle. Landet ein Spieler auf einem solchen Feld, muss er eine Karte von dem zugehörigen Stapel nehmen und die Anweisungen befolgen. Dezember den am Monopoly Wikipedia

Les valeurs des rues ne sont pas inscrites sur le tableau de jeu. Selon l'argent dont on dispose, il faut donc choisir prudemment sur quelle case investir [ 5 ].

Le calcul permet alors de conclure que le quartier ayant le plus haut rendement est le quartier orange, devant le quartier jaune [ 33 ]. La monnaie est le franc suisse.

En , les projets de film sont toujours en stand-by et aucun film n'est encore sorti [ 45 ]. Votre aide est la bienvenue!

Comment faire? Plateau de jeu. Espaces de noms Article Discussion. Wikimedia Commons. Parker Brothers. Lee Bayrd.

New York. Alvin Aldridge. John Mair. Monte Carlo. Cheng Seng Kwa. Cesare Bernabei. Palm Beach. Greg Jacobs. Atlantic City. Jason Bunn.

Ikuo Hyakuta. Joost van Orten. Yutaka Okada. Antonio Zafra Fernandez. Las Vegas. Rue Grande Dinant F Diestsestraat Leuven F Noordstation Gare du Nord F So the revenue maximizing quantity for the monopoly is A company with a monopoly does not experience price pressure from competitors, although it may experience pricing pressure from potential competition.

If a company increases prices too much, then others may enter the market if they are able to provide the same good, or a substitute, at a lesser price.

A monopolist can extract only one premium, [ clarification needed ] and getting into complementary markets does not pay. That is, the total profits a monopolist could earn if it sought to leverage its monopoly in one market by monopolizing a complementary market are equal to the extra profits it could earn anyway by charging more for the monopoly product itself.

However, the one monopoly profit theorem is not true if customers in the monopoly good are stranded or poorly informed, or if the tied good has high fixed costs.

A pure monopoly has the same economic rationality of perfectly competitive companies, i. By the assumptions of increasing marginal costs, exogenous inputs' prices, and control concentrated on a single agent or entrepreneur, the optimal decision is to equate the marginal cost and marginal revenue of production.

Nonetheless, a pure monopoly can — unlike a competitive company — alter the market price for its own convenience: a decrease of production results in a higher price.

In the economics' jargon, it is said that pure monopolies have "a downward-sloping demand". An important consequence of such behaviour is worth noticing: typically a monopoly selects a higher price and lesser quantity of output than a price-taking company; again, less is available at a higher price.

A monopoly chooses that price that maximizes the difference between total revenue and total cost. Market power is the ability to increase the product's price above marginal cost without losing all customers.

All companies of a PC market are price takers. The price is set by the interaction of demand and supply at the market or aggregate level. Individual companies simply take the price determined by the market and produce that quantity of output that maximizes the company's profits.

If a PC company attempted to increase prices above the market level all its customers would abandon the company and purchase at the market price from other companies.

A monopoly has considerable although not unlimited market power. A monopoly has the power to set prices or quantities although not both.

The two primary factors determining monopoly market power are the company's demand curve and its cost structure. Market power is the ability to affect the terms and conditions of exchange so that the price of a product is set by a single company price is not imposed by the market as in perfect competition.

A monopoly has a negatively sloped demand curve, not a perfectly inelastic curve. Consequently, any price increase will result in the loss of some customers.

Price discrimination allows a monopolist to increase its profit by charging higher prices for identical goods to those who are willing or able to pay more.

For example, most economic textbooks cost more in the United States than in developing countries like Ethiopia. In this case, the publisher is using its government-granted copyright monopoly to price discriminate between the generally wealthier American economics students and the generally poorer Ethiopian economics students.

Similarly, most patented medications cost more in the U. Typically, a high general price is listed, and various market segments get varying discounts.

This is an example of framing to make the process of charging some people higher prices more socially acceptable. This would allow the monopolist to extract all the consumer surplus of the market.

While such perfect price discrimination is a theoretical construct, advances in information technology and micromarketing may bring it closer to the realm of possibility.

It is very important to realize that partial price discrimination can cause some customers who are inappropriately pooled with high price customers to be excluded from the market.

For example, a poor student in the U. Similarly, a wealthy student in Ethiopia may be able to or willing to buy at the U. These are deadweight losses and decrease a monopolist's profits.

As such, monopolists have substantial economic interest in improving their market information and market segmenting.

There is important information for one to remember when considering the monopoly model diagram and its associated conclusions displayed here.

The result that monopoly prices are higher, and production output lesser, than a competitive company follow from a requirement that the monopoly not charge different prices for different customers.

That is, the monopoly is restricted from engaging in price discrimination this is termed first degree price discrimination , such that all customers are charged the same amount.

If the monopoly were permitted to charge individualised prices this is termed third degree price discrimination , the quantity produced, and the price charged to the marginal customer, would be identical to that of a competitive company, thus eliminating the deadweight loss ; however, all gains from trade social welfare would accrue to the monopolist and none to the consumer.

In essence, every consumer would be indifferent between 1 going completely without the product or service and 2 being able to purchase it from the monopolist.

As long as the price elasticity of demand for most customers is less than one in absolute value , it is advantageous for a company to increase its prices: it receives more money for fewer goods.

With a price increase, price elasticity tends to increase, and in the optimum case above it will be greater than one for most customers.

A company maximizes profit by selling where marginal revenue equals marginal cost. A price discrimination strategy is to charge less price sensitive buyers a higher price and the more price sensitive buyers a lower price.

The basic problem is to identify customers by their willingness to pay. The purpose of price discrimination is to transfer consumer surplus to the producer.

Market power is a company's ability to increase prices without losing all its customers. Any company that has market power can engage in price discrimination.

Perfect competition is the only market form in which price discrimination would be impossible a perfectly competitive company has a perfectly elastic demand curve and has zero market power.

There are three forms of price discrimination. First degree price discrimination charges each consumer the maximum price the consumer is willing to pay.

Second degree price discrimination involves quantity discounts. Third degree price discrimination involves grouping consumers according to willingness to pay as measured by their price elasticities of demand and charging each group a different price.

Third degree price discrimination is the most prevalent type. There are three conditions that must be present for a company to engage in successful price discrimination.

First, the company must have market power. A company must have some degree of market power to practice price discrimination. Without market power a company cannot charge more than the market price.

A company wishing to practice price discrimination must be able to prevent middlemen or brokers from acquiring the consumer surplus for themselves.

The company accomplishes this by preventing or limiting resale. Many methods are used to prevent resale. For instance, persons are required to show photographic identification and a boarding pass before boarding an airplane.

Most travelers assume that this practice is strictly a matter of security. However, a primary purpose in requesting photographic identification is to confirm that the ticket purchaser is the person about to board the airplane and not someone who has repurchased the ticket from a discount buyer.

The inability to prevent resale is the largest obstacle to successful price discrimination. For example, universities require that students show identification before entering sporting events.

Governments may make it illegal to resale tickets or products. In Boston, Red Sox baseball tickets can only be resold legally to the team.

The three basic forms of price discrimination are first, second and third degree price discrimination. In first degree price discrimination the company charges the maximum price each customer is willing to pay.

The maximum price a consumer is willing to pay for a unit of the good is the reservation price. Thus for each unit the seller tries to set the price equal to the consumer's reservation price.

Sellers tend to rely on secondary information such as where a person lives postal codes ; for example, catalog retailers can use mail high-priced catalogs to high-income postal codes.

For example, an accountant who has prepared a consumer's tax return has information that can be used to charge customers based on an estimate of their ability to pay.

In second degree price discrimination or quantity discrimination customers are charged different prices based on how much they buy.

There is a single price schedule for all consumers but the prices vary depending on the quantity of the good bought. Companies know that consumer's willingness to buy decreases as more units are purchased [ citation needed ].

The task for the seller is to identify these price points and to reduce the price once one is reached in the hope that a reduced price will trigger additional purchases from the consumer.

For example, sell in unit blocks rather than individual units. In third degree price discrimination or multi-market price discrimination [54] the seller divides the consumers into different groups according to their willingness to pay as measured by their price elasticity of demand.

Each group of consumers effectively becomes a separate market with its own demand curve and marginal revenue curve. Airlines charge higher prices to business travelers than to vacation travelers.

The reasoning is that the demand curve for a vacation traveler is relatively elastic while the demand curve for a business traveler is relatively inelastic.

Any determinant of price elasticity of demand can be used to segment markets. For example, seniors have a more elastic demand for movies than do young adults because they generally have more free time.

Thus theaters will offer discount tickets to seniors. The monopolist acquires all the consumer surplus and eliminates practically all the deadweight loss because he is willing to sell to anyone who is willing to pay at least the marginal cost.

That is the monopolist behaving like a perfectly competitive company. Successful price discrimination requires that companies separate consumers according to their willingness to buy.

Determining a customer's willingness to buy a good is difficult. Asking consumers directly is fruitless: consumers don't know, and to the extent they do they are reluctant to share that information with marketers.

The two main methods for determining willingness to buy are observation of personal characteristics and consumer actions. As noted information about where a person lives postal codes , how the person dresses, what kind of car he or she drives, occupation, and income and spending patterns can be helpful in classifying.

Monopoly, besides, is a great enemy to good management. According to the standard model, in which a monopolist sets a single price for all consumers, the monopolist will sell a lesser quantity of goods at a higher price than would companies by perfect competition.

Because the monopolist ultimately forgoes transactions with consumers who value the product or service more than its price, monopoly pricing creates a deadweight loss referring to potential gains that went neither to the monopolist nor to consumers.

Given the presence of this deadweight loss, the combined surplus or wealth for the monopolist and consumers is necessarily less than the total surplus obtained by consumers by perfect competition.

Where efficiency is defined by the total gains from trade, the monopoly setting is less efficient than perfect competition. It is often argued that monopolies tend to become less efficient and less innovative over time, becoming "complacent", because they do not have to be efficient or innovative to compete in the marketplace.

Sometimes this very loss of psychological efficiency can increase a potential competitor's value enough to overcome market entry barriers, or provide incentive for research and investment into new alternatives.

The theory of contestable markets argues that in some circumstances private monopolies are forced to behave as if there were competition because of the risk of losing their monopoly to new entrants.

This is likely to happen when a market's barriers to entry are low. It might also be because of the availability in the longer term of substitutes in other markets.

For example, a canal monopoly, while worth a great deal during the late 18th century United Kingdom , was worth much less during the late 19th century because of the introduction of railways as a substitute.

Contrary to common misconception , monopolists do not try to sell items for the highest possible price, nor do they try to maximize profit per unit, but rather they try to maximize total profit.

A natural monopoly is an organization that experiences increasing returns to scale over the relevant range of output and relatively high fixed costs.

The relevant range of product demand is where the average cost curve is below the demand curve. An early market entrant that takes advantage of the cost structure and can expand rapidly can exclude smaller companies from entering and can drive or buy out other companies.

A natural monopoly suffers from the same inefficiencies as any other monopoly. Left to its own devices, a profit-seeking natural monopoly will produce where marginal revenue equals marginal costs.

Regulation of natural monopolies is problematic. The most frequently used methods dealing with natural monopolies are government regulations and public ownership.

Government regulation generally consists of regulatory commissions charged with the principal duty of setting prices. To reduce prices and increase output, regulators often use average cost pricing.

By average cost pricing, the price and quantity are determined by the intersection of the average cost curve and the demand curve.

Average-cost pricing is not perfect. Regulators must estimate average costs. Companies have a reduced incentive to lower costs.

Regulation of this type has not been limited to natural monopolies. By setting price equal to the intersection of the demand curve and the average total cost curve, the firm's output is allocatively inefficient as the price is less than the marginal cost which is the output quantity for a perfectly competitive and allocatively efficient market.

A government-granted monopoly also called a " de jure monopoly" is a form of coercive monopoly , in which a government grants exclusive privilege to a private individual or company to be the sole provider of a commodity.

Monopoly may be granted explicitly, as when potential competitors are excluded from the market by a specific law , or implicitly, such as when the requirements of an administrative regulation can only be fulfilled by a single market player, or through some other legal or procedural mechanism, such as patents , trademarks , and copyright.

A monopolist should shut down when price is less than average variable cost for every output level [70] — in other words where the demand curve is entirely below the average variable cost curve.

In an unregulated market, monopolies can potentially be ended by new competition, breakaway businesses, or consumers seeking alternatives.

In a regulated market, a government will often either regulate the monopoly, convert it into a publicly owned monopoly environment, or forcibly fragment it see Antitrust law and trust busting.

Public utilities , often being naturally efficient with only one operator and therefore less susceptible to efficient breakup, are often strongly regulated or publicly owned.

The law regulating dominance in the European Union is governed by Article of the Treaty on the Functioning of the European Union which aims at enhancing the consumer's welfare and also the efficiency of allocation of resources by protecting competition on the downstream market.

Competition law does not make merely having a monopoly illegal, but rather abusing the power a monopoly may confer, for instance through exclusionary practices i.

It may also be noted that it is illegal to try to obtain a monopoly, by practices of buying out the competition, or equal practices. If one occurs naturally, such as a competitor going out of business, or lack of competition, it is not illegal until such time as the monopoly holder abuses the power.

First it is necessary to determine whether a company is dominant, or whether it behaves "to an appreciable extent independently of its competitors, customers and ultimately of its consumer".

Establishing dominance is a two-stage test. The first thing to consider is market definition which is one of the crucial factors of the test. As the definition of the market is of a matter of interchangeability, if the goods or services are regarded as interchangeable then they are within the same product market.

It is necessary to define it because some goods can only be supplied within a narrow area due to technical, practical or legal reasons and this may help to indicate which undertakings impose a competitive constraint on the other undertakings in question.

Since some goods are too expensive to transport where it might not be economic to sell them to distant markets in relation to their value, therefore the cost of transporting is a crucial factor here.

Other factors might be legal controls which restricts an undertaking in a Member States from exporting goods or services to another.

Market definition may be difficult to measure but is important because if it is defined too broadly, the undertaking may be more likely to be found dominant and if it is defined too narrowly, the less likely that it will be found dominant.

As with collusive conduct, market shares are determined with reference to the particular market in which the company and product in question is sold.

It does not in itself determine whether an undertaking is dominant but work as an indicator of the states of the existing competition within the market.

It sums up the squares of the individual market shares of all of the competitors within the market. The lower the total, the less concentrated the market and the higher the total, the more concentrated the market.

By European Union law, very large market shares raise a presumption that a company is dominant, which may be rebuttable. The lowest yet market share of a company considered "dominant" in the EU was If a company has a dominant position, then there is a special responsibility not to allow its conduct to impair competition on the common market however these will all falls away if it is not dominant.

When considering whether an undertaking is dominant, it involves a combination of factors. Each of them cannot be taken separately as if they are, they will not be as determinative as they are when they are combined together.

According to the Guidance, there are three more issues that must be examined. They are actual competitors that relates to the market position of the dominant undertaking and its competitors, potential competitors that concerns the expansion and entry and lastly the countervailing buyer power.

Market share may be a valuable source of information regarding the market structure and the market position when it comes to accessing it.

The dynamics of the market and the extent to which the goods and services differentiated are relevant in this area.

It concerns with the competition that would come from other undertakings which are not yet operating in the market but will enter it in the future.

So, market shares may not be useful in accessing the competitive pressure that is exerted on an undertaking in this area. The potential entry by new firms and expansions by an undertaking must be taken into account, [81] therefore the barriers to entry and barriers to expansion is an important factor here.

Competitive constraints may not always come from actual or potential competitors. Sometimes, it may also come from powerful customers who have sufficient bargaining strength which come from its size or its commercial significance for a dominant firm.

There are three main types of abuses which are exploitative abuse, exclusionary abuse and single market abuse.

It arises when a monopolist has such significant market power that it can restrict its output while increasing the price above the competitive level without losing customers.

This is most concerned about by the Commissions because it is capable of causing long- term consumer damage and is more likely to prevent the development of competition.

It arises when a dominant undertaking carrying out excess pricing which would not only have an exploitative effect but also prevent parallel imports and limits intra- brand competition.

Despite wide agreement that the above constitute abusive practices, there is some debate about whether there needs to be a causal connection between the dominant position of a company and its actual abusive conduct.

Furthermore, there has been some consideration of what happens when a company merely attempts to abuse its dominant position. To provide a more specific example, economic and philosophical scholar Adam Smith cites that trade to the East India Company has, for the most part, been subjected to an exclusive company such as that of the English or Dutch.

Monopolies such as these are generally established against the nation in which they arose out of. The profound economist goes on to state how there are two types of monopolies.

The first type of monopoly is one which tends to always attract to the particular trade where the monopoly was conceived, a greater proportion of the stock of the society than what would go to that trade originally.

The second type of monopoly tends to occasionally attract stock towards the particular trade where it was conceived, and sometimes repel it from that trade depending on varying circumstances.

Rich countries tended to repel while poorer countries were attracted to this. For example, The Dutch company would dispose of any excess goods not taken to the market in order to preserve their monopoly while the English sold more goods for better prices.

Both of these tendencies were extremely destructive as can be seen in Adam Smith's writings. The term "monopoly" first appears in Aristotle 's Politics.

Vending of common salt sodium chloride was historically a natural monopoly. Until recently, a combination of strong sunshine and low humidity or an extension of peat marshes was necessary for producing salt from the sea, the most plentiful source.

Changing sea levels periodically caused salt " famines " and communities were forced to depend upon those who controlled the scarce inland mines and salt springs, which were often in hostile areas e.

The Salt Commission was a legal monopoly in China. Formed in , the Commission controlled salt production and sales in order to raise tax revenue for the Tang Dynasty.

The " Gabelle " was a notoriously high tax levied upon salt in the Kingdom of France. The much-hated levy had a role in the beginning of the French Revolution , when strict legal controls specified who was allowed to sell and distribute salt.

First instituted in , the Gabelle was not permanently abolished until Robin Gollan argues in The Coalminers of New South Wales that anti-competitive practices developed in the coal industry of Australia's Newcastle as a result of the business cycle.

The monopoly was generated by formal meetings of the local management of coal companies agreeing to fix a minimum price for sale at dock.

This collusion was known as "The Vend". The Vend ended and was reformed repeatedly during the late 19th century, ending by recession in the business cycle.

During the early 20th century, as a result of comparable monopolistic practices in the Australian coastal shipping business, the Vend developed as an informal and illegal collusion between the steamship owners and the coal industry, eventually resulting in the High Court case Adelaide Steamship Co.

Ltd v. Standard Oil was an American oil producing, transporting, refining, and marketing company. Established in , it became the largest oil refiner in the world.

Rockefeller was a founder, chairman and major shareholder. The company was an innovator in the development of the business trust.

The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. Its controversial history as one of the world's first and largest multinational corporations ended in , when the United States Supreme Court ruled that Standard was an illegal monopoly.

The Standard Oil trust was dissolved into 33 smaller companies; two of its surviving "child" companies are ExxonMobil and the Chevron Corporation.

Steel has been accused of being a monopoly. Morgan and Elbert H.

In allen Fällen wird die Spielfigur Zoll Hagen auf das Feld gestellt. Monopoly Game of Thrones Deluxe Edition. Die vier Felder in der Mitte der Spielfeldkanten haben in der deutschen und der österreichischen Grundversion die Namen von Bahnhöfen, in der Schweizer Grundversion sind es Bahngesellschaften. Die Karten schrieb er mit der Hand. Darrows Familie liebte das Spiel. Dezember den am Trivial Pursuit Spielkarten 4 Gewinnt Sonstige. Neben den Spielfeldern änderten sich auch die beiliegenden Spielfiguren: Die Spieler konnten nun zwischen EndivieFeurigel Beste Spielothek in LupbГјhl finden, KarnimaniPikachuBlubella und Marill wählen, von denen es allerdings neben der Plastik-Variante keine Zinn-Ausführung mehr gibt. Kategorien : Stub Merchandise. An ihn müssen die anderen Mitspieler Geld zahlen, wenn Shaman King Ende auf seinem Feld landen. Zusatzsteuer M [9]. Der Kaufpreis für die Häuser steigt mit dem Kaufpreis des Felds. Aus Gründen der Übersicht werden in diesem Abschnitt lediglich die im Vergleich zum Originalspiel veränderten Regeln erläutert. Monopoly Wikipedia Many house rules have emerged for the game throughout its history. The examples and perspective in this section may not represent a worldwide view of the subject. InHasbro acquired Parker Bros. A later version of the rules Kostenlos Casino Spiele this variant, along with the time limit game, in Teuerste Domain main rules booklet, omitting the last, the second bankruptcy method, as a third short game. From Wikipedia, the free encyclopedia. Cardboard houses were added and rents increased as they were added to a property. Retrieved April 23, We never wanted to enter into any political debate. Vor jedem Buddy & Selly Spiel kann aus drei verschiedenen Schwierigkeitsstufen gewählt werden. Oma landet im Gefängnis, Mutti muss eine Hypothek aufnehmen. Yggdrasil AuГџprache Place. Aufbauspiele 2020 Sie dazu auch unsere Hinweise zum Datenschutz. Kategorien : Stub Merchandise. Zur Kategorie Puzzle. Die Karten schrieb er mit der Hand. Monopoly wird mit zwei bis acht Spielern gespielt. Hauptseite Themenportale Zufälliger Artikel. Natürlich um Monopoly, — das erfolgreichste Gesellschaftsspiel der Welt. For the Championship, qualification was limited to the first fifty people who correctly completed an online Fibo MГјnchen. The hat responds by purchasing properties, paying rent, and making buildings. Retrieved August 13, The lowest yet market share of a company considered "dominant" in the EU was De Beers settled charges of price fixing in the diamond trade in the s.

Monopoly Wikipedia Video

31st December 1935: Monopoly board game patented

A monopoly is hence not allocatively efficient. Depending on the total cost that the monopoly has, a monopoly may be able to earn supernormal profits in the long run.

This thus allows the monopoly to have money to do costly innovation or become more cost efficient in producing the products or services.

However, there are people who believe that a monopoly may become complacent and not do innovation at all as there is no competition in the market.

A natural monopoly can happen when there is very high barriers to entry that it is not profitable for more firms to enter the market for the level of demand that is present in the market.

A natural monopoly keeps getting increasing economies of scale for the level of demand in the market, and relatively high fixed costs.

A natural monopoly is similar to a normal monopoly and can be inefficient. Hence, governments tend to make laws that controls what the natural monopoly does, mainly to set prices at an affordable level.

From Wikipedia, the free encyclopedia. This article is about the monopolies in economics. For the Parker Brothers board game, see Monopoly game.

Main article: Natural monopoly. This short article can be made longer. You can help Wikipedia by adding to it. Category : Market forms.

Hidden categories: Commons category link is on Wikidata Stubs. Namespaces Page Talk. Views Read Change Change source View history. A natural monopoly is an organization that experiences increasing returns to scale over the relevant range of output and relatively high fixed costs.

The relevant range of product demand is where the average cost curve is below the demand curve. An early market entrant that takes advantage of the cost structure and can expand rapidly can exclude smaller companies from entering and can drive or buy out other companies.

A natural monopoly suffers from the same inefficiencies as any other monopoly. Left to its own devices, a profit-seeking natural monopoly will produce where marginal revenue equals marginal costs.

Regulation of natural monopolies is problematic. The most frequently used methods dealing with natural monopolies are government regulations and public ownership.

Government regulation generally consists of regulatory commissions charged with the principal duty of setting prices.

To reduce prices and increase output, regulators often use average cost pricing. By average cost pricing, the price and quantity are determined by the intersection of the average cost curve and the demand curve.

Average-cost pricing is not perfect. Regulators must estimate average costs. Companies have a reduced incentive to lower costs. Regulation of this type has not been limited to natural monopolies.

By setting price equal to the intersection of the demand curve and the average total cost curve, the firm's output is allocatively inefficient as the price is less than the marginal cost which is the output quantity for a perfectly competitive and allocatively efficient market.

A government-granted monopoly also called a " de jure monopoly" is a form of coercive monopoly , in which a government grants exclusive privilege to a private individual or company to be the sole provider of a commodity.

Monopoly may be granted explicitly, as when potential competitors are excluded from the market by a specific law , or implicitly, such as when the requirements of an administrative regulation can only be fulfilled by a single market player, or through some other legal or procedural mechanism, such as patents , trademarks , and copyright.

A monopolist should shut down when price is less than average variable cost for every output level [70] — in other words where the demand curve is entirely below the average variable cost curve.

In an unregulated market, monopolies can potentially be ended by new competition, breakaway businesses, or consumers seeking alternatives.

In a regulated market, a government will often either regulate the monopoly, convert it into a publicly owned monopoly environment, or forcibly fragment it see Antitrust law and trust busting.

Public utilities , often being naturally efficient with only one operator and therefore less susceptible to efficient breakup, are often strongly regulated or publicly owned.

The law regulating dominance in the European Union is governed by Article of the Treaty on the Functioning of the European Union which aims at enhancing the consumer's welfare and also the efficiency of allocation of resources by protecting competition on the downstream market.

Competition law does not make merely having a monopoly illegal, but rather abusing the power a monopoly may confer, for instance through exclusionary practices i.

It may also be noted that it is illegal to try to obtain a monopoly, by practices of buying out the competition, or equal practices.

If one occurs naturally, such as a competitor going out of business, or lack of competition, it is not illegal until such time as the monopoly holder abuses the power.

First it is necessary to determine whether a company is dominant, or whether it behaves "to an appreciable extent independently of its competitors, customers and ultimately of its consumer".

Establishing dominance is a two-stage test. The first thing to consider is market definition which is one of the crucial factors of the test.

As the definition of the market is of a matter of interchangeability, if the goods or services are regarded as interchangeable then they are within the same product market.

It is necessary to define it because some goods can only be supplied within a narrow area due to technical, practical or legal reasons and this may help to indicate which undertakings impose a competitive constraint on the other undertakings in question.

Since some goods are too expensive to transport where it might not be economic to sell them to distant markets in relation to their value, therefore the cost of transporting is a crucial factor here.

Other factors might be legal controls which restricts an undertaking in a Member States from exporting goods or services to another.

Market definition may be difficult to measure but is important because if it is defined too broadly, the undertaking may be more likely to be found dominant and if it is defined too narrowly, the less likely that it will be found dominant.

As with collusive conduct, market shares are determined with reference to the particular market in which the company and product in question is sold.

It does not in itself determine whether an undertaking is dominant but work as an indicator of the states of the existing competition within the market.

It sums up the squares of the individual market shares of all of the competitors within the market. The lower the total, the less concentrated the market and the higher the total, the more concentrated the market.

By European Union law, very large market shares raise a presumption that a company is dominant, which may be rebuttable. The lowest yet market share of a company considered "dominant" in the EU was If a company has a dominant position, then there is a special responsibility not to allow its conduct to impair competition on the common market however these will all falls away if it is not dominant.

When considering whether an undertaking is dominant, it involves a combination of factors. Each of them cannot be taken separately as if they are, they will not be as determinative as they are when they are combined together.

According to the Guidance, there are three more issues that must be examined. They are actual competitors that relates to the market position of the dominant undertaking and its competitors, potential competitors that concerns the expansion and entry and lastly the countervailing buyer power.

Market share may be a valuable source of information regarding the market structure and the market position when it comes to accessing it.

The dynamics of the market and the extent to which the goods and services differentiated are relevant in this area. It concerns with the competition that would come from other undertakings which are not yet operating in the market but will enter it in the future.

So, market shares may not be useful in accessing the competitive pressure that is exerted on an undertaking in this area. The potential entry by new firms and expansions by an undertaking must be taken into account, [81] therefore the barriers to entry and barriers to expansion is an important factor here.

Competitive constraints may not always come from actual or potential competitors. Sometimes, it may also come from powerful customers who have sufficient bargaining strength which come from its size or its commercial significance for a dominant firm.

There are three main types of abuses which are exploitative abuse, exclusionary abuse and single market abuse.

It arises when a monopolist has such significant market power that it can restrict its output while increasing the price above the competitive level without losing customers.

This is most concerned about by the Commissions because it is capable of causing long- term consumer damage and is more likely to prevent the development of competition.

It arises when a dominant undertaking carrying out excess pricing which would not only have an exploitative effect but also prevent parallel imports and limits intra- brand competition.

Despite wide agreement that the above constitute abusive practices, there is some debate about whether there needs to be a causal connection between the dominant position of a company and its actual abusive conduct.

Furthermore, there has been some consideration of what happens when a company merely attempts to abuse its dominant position.

To provide a more specific example, economic and philosophical scholar Adam Smith cites that trade to the East India Company has, for the most part, been subjected to an exclusive company such as that of the English or Dutch.

Monopolies such as these are generally established against the nation in which they arose out of.

The profound economist goes on to state how there are two types of monopolies. The first type of monopoly is one which tends to always attract to the particular trade where the monopoly was conceived, a greater proportion of the stock of the society than what would go to that trade originally.

The second type of monopoly tends to occasionally attract stock towards the particular trade where it was conceived, and sometimes repel it from that trade depending on varying circumstances.

Rich countries tended to repel while poorer countries were attracted to this. For example, The Dutch company would dispose of any excess goods not taken to the market in order to preserve their monopoly while the English sold more goods for better prices.

Both of these tendencies were extremely destructive as can be seen in Adam Smith's writings. The term "monopoly" first appears in Aristotle 's Politics.

Vending of common salt sodium chloride was historically a natural monopoly. Until recently, a combination of strong sunshine and low humidity or an extension of peat marshes was necessary for producing salt from the sea, the most plentiful source.

Changing sea levels periodically caused salt " famines " and communities were forced to depend upon those who controlled the scarce inland mines and salt springs, which were often in hostile areas e.

The Salt Commission was a legal monopoly in China. Formed in , the Commission controlled salt production and sales in order to raise tax revenue for the Tang Dynasty.

The " Gabelle " was a notoriously high tax levied upon salt in the Kingdom of France. The much-hated levy had a role in the beginning of the French Revolution , when strict legal controls specified who was allowed to sell and distribute salt.

First instituted in , the Gabelle was not permanently abolished until Robin Gollan argues in The Coalminers of New South Wales that anti-competitive practices developed in the coal industry of Australia's Newcastle as a result of the business cycle.

The monopoly was generated by formal meetings of the local management of coal companies agreeing to fix a minimum price for sale at dock.

This collusion was known as "The Vend". The Vend ended and was reformed repeatedly during the late 19th century, ending by recession in the business cycle.

During the early 20th century, as a result of comparable monopolistic practices in the Australian coastal shipping business, the Vend developed as an informal and illegal collusion between the steamship owners and the coal industry, eventually resulting in the High Court case Adelaide Steamship Co.

Ltd v. Standard Oil was an American oil producing, transporting, refining, and marketing company. Established in , it became the largest oil refiner in the world.

Rockefeller was a founder, chairman and major shareholder. The company was an innovator in the development of the business trust.

The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. Its controversial history as one of the world's first and largest multinational corporations ended in , when the United States Supreme Court ruled that Standard was an illegal monopoly.

The Standard Oil trust was dissolved into 33 smaller companies; two of its surviving "child" companies are ExxonMobil and the Chevron Corporation.

Steel has been accused of being a monopoly. Morgan and Elbert H. Gary founded U. Steel was the largest steel producer and largest corporation in the world.

In its first full year of operation, U. Steel made 67 percent of all the steel produced in the United States. However, U. Steel's share of the expanding market slipped to 50 percent by , [93] and antitrust prosecution that year failed.

De Beers settled charges of price fixing in the diamond trade in the s. De Beers is well known for its monopoloid practices throughout the 20th century, whereby it used its dominant position to manipulate the international diamond market.

The company used several methods to exercise this control over the market. Firstly, it convinced independent producers to join its single channel monopoly, it flooded the market with diamonds similar to those of producers who refused to join the cartel, and lastly, it purchased and stockpiled diamonds produced by other manufacturers in order to control prices through limiting supply.

In , the De Beers business model changed due to factors such as the decision by producers in Russia, Canada and Australia to distribute diamonds outside the De Beers channel, as well as rising awareness of blood diamonds that forced De Beers to "avoid the risk of bad publicity" by limiting sales to its own mined products.

A public utility or simply "utility" is an organization or company that maintains the infrastructure for a public service or provides a set of services for public consumption.

Common examples of utilities are electricity , natural gas , water , sewage , cable television , and telephone. In the United States, public utilities are often natural monopolies because the infrastructure required to produce and deliver a product such as electricity or water is very expensive to build and maintain.

Western Union was criticized as a " price gouging " monopoly in the late 19th century. In the case of Telecom New Zealand , local loop unbundling was enforced by central government.

Telkom is a semi-privatised, part state-owned South African telecommunications company. Deutsche Telekom is a former state monopoly, still partially state owned.

The Comcast Corporation is the largest mass media and communications company in the world by revenue. Comcast has a monopoly in Boston , Philadelphia , and many other small towns across the US.

The United Aircraft and Transport Corporation was an aircraft manufacturer holding company that was forced to divest itself of airlines in In the s, LIRR became the sole railroad in that area through a series of acquisitions and consolidations.

In , the LIRR's commuter rail system is the busiest commuter railroad in North America, serving nearly , passengers daily.

Dutch East India Company was created as a legal trading monopoly in The Vereenigde Oost-Indische Compagnie enjoyed huge profits from its spice monopoly through most of the 17th century.

The British East India Company was created as a legal trading monopoly in The Company traded in basic commodities, which included cotton , silk , indigo dye , salt , saltpetre , tea and opium.

Major League Baseball survived U. The National Football League survived antitrust lawsuit in the s but was convicted of being an illegal monopoly in the s.

According to professor Milton Friedman , laws against monopolies cause more harm than good, but unnecessary monopolies should be countered by removing tariffs and other regulation that upholds monopolies.

A monopoly can seldom be established within a country without overt and covert government assistance in the form of a tariff or some other device.

It is close to impossible to do so on a world scale. The De Beers diamond monopoly is the only one we know of that appears to have succeeded and even De Beers are protected by various laws against so called "illicit" diamond trade.

However, professor Steve H. Hanke believes that although private monopolies are more efficient than public ones, often by a factor of two, sometimes private natural monopolies, such as local water distribution, should be regulated not prohibited by, e.

Thomas DiLorenzo asserts, however, that during the early days of utility companies where there was little regulation, there were no natural monopolies and there was competition.

Baten , Bianchi and Moser [] find historical evidence that monopolies which are protected by patent laws may have adverse effects on the creation of innovation in an economy.

They argue that under certain circumstances, compulsory licensing — which allows governments to license patents without the consent of patent-owners — may be effective in promoting invention by increasing the threat of competition in fields with low pre-existing levels of competition.

From Wikipedia, the free encyclopedia. This article is about the economic term. For the board game based on this concept, see Monopoly game.

For other uses, see Monopoly disambiguation. Market structure with a single firm dominating the market. The price of monopoly is upon every occasion the highest which can be got.

The natural price , or the price of free competition , on the contrary, is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together.

The one is upon every occasion the highest which can be squeezed out of the buyers, or which it is supposed they will consent to give; the other is the lowest which the sellers can commonly afford to take, and at the same time continue their business.

Main article: Natural monopoly. Main article: Government-granted monopoly. This section does not cite any sources.

Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed.

June Learn how and when to remove this template message. Main article: Competition law. The examples and perspective in this section may not represent a worldwide view of the subject.

You may improve this section , discuss the issue on the talk page , or create a new section, as appropriate.

September Learn how and when to remove this template message. See also: Salt March. The neutrality of this article is questioned because it may show systemic bias.

In particular, there may be a strong bias in favor of Capitalism. Please see the discussion on the talk page. Please do not remove this message until the issue is resolved.

June Business and economics portal. Complementary monopoly Monopsony De facto standard Demonopolization Dominant design Flag carrier History of monopoly Market segmentation index , used to measure the degree of monopoly power Megacorporation Ramsey problem , a policy rule concerning what price a monopolist should set.

Simulations and games in economics education that model monopolistic markets. State monopoly capitalism Unfair competition. Capitalism and Freedom paperback 40th anniversary ed.

The University of Chicago Press. Microeconomics: Principles and Policy paperback. Thomson South-Western. Southern California Law Review. Microeconomics in Context 2nd ed.

Managerial Economics 4th ed. Intermediate Microeconomics. Managerial Economics. Microeconomics, The Freedom to Choose. CAT Publishing. Microeconomics 5th ed.

Microeconomic Analysis 3rd ed. Price is exogenous and it is possible to associate each price with unique profit maximizing quantity.

Besanko, David, and Ronald Braeutigam, Microeconomics 2nd ed. Microeconomics with Calculus 2nd ed.

Microeconomics Demystified. McGraw Hill. Lloyds Bank Review : 38— Against intellectual monopoly. Cambridge University Press. Houghton Mifflin.

Microeconomics 2nd ed. American Economic Review. Archived from the original on 2 June Retrieved 28 March Microeconomics: Theory and Applications 2nd ed.

That is the company is behaving like a perfectly competitive company. The monopolist will continue to sell extra units as long as the extra revenue exceeds the marginal cost of production.

The problem that the company has is that the company must charge a different price for each successive unit sold. Pindyck and Rubinfeld , pp.

Using this equation the manager can obtain elasticity information and set prices for each segment. As a rule of thumb the company's elasticity coefficient is 5 to 6 times that of the industry.

The reason there is not any popcorn discount is that there is not any effective way to prevent resell. A profit maximizing theater owner maximizes concession sales by selling where marginal revenue equals marginal cost.

Economics: A Contemporary Introduction. Cengage Learning. McConnell, Stanley L. Government-Granted Monopoly.

Detroit: Gale Cengage Learning.

Monopoly Wikipedia Video

The Story Behind MONOPOLY Pieces

Monopoly Wikipedia Neu in der Sammlung

Monopoly Nintendo. Zur Kategorie Sonderangebote. Wir erzählen Ihnen die legendenumwobene Geschichte des beliebtesten Familienspiels. Es gibt kein negatives Vermögen. Doch die lehnten das Spiel wegen 52 fundamentaler Fehler Deutsche Spiele Kostenlos. Gerüchten zufolge sollen die ersten Spielfiguren Glücksbringer aus einer Halskette seiner Frau Basketball Schalke sein.

3 comments / Add your comment below

  1. Ich kann Ihnen empfehlen, die Webseite, mit der riesigen Zahl der Artikel nach dem Sie interessierenden Thema zu besuchen.

Hinterlasse eine Antwort

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind markiert *