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Monopoly Abuse
Abstract
Monopoly is the case when a firm provides products or services to which there is neither competition nor a near substitute, dictating price and quantity produced. Monopolies raise concerns of unethical business practice because they perform acts of conspiracy and collusion. Consumers will be buying needed products at unfair prices and questionable quality standards. The instrumental approach is when a company performs monopolistic behavior in order to maximize company profits and satisfy corporate shareholders. The social approach is when a company seeks the good of the greater environment, looking beyond the benefit of shareholders. Monopolistic behavior may provide certain positive advantages like helping expand different industries, generating a lot of capital into the business cycle, introducing innovation, and bringing a solution to some major economic problems. Disadvantages of monopolies are mal-distribution of the social product, decreased economic national growth, and increased unemployment levels, blocking competitive markets, and lacking socio-economic efficiency. This chapter explores monopolistic abuses.
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