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In Zimbabwe the telecommunication indusrty had been controlled by one firm. ... Monopoly is the situatiation where there is only one, large company that comprises the entire industry. There very high barriers to entry to prevent other firms from entering the market and breaking the monopoly. Legal barriers granted by government give the situatuions closest to pure monopoly, often with state control over the industry.
Monopoly might be positive, as well as negative for the society. When increasing the scale of production leads to a lower cost per unit of output, so there are large economies of scale to be gained in an industry, a monopoly might lead to greater output and lower prices than if a government insisted on keeping several firms competing.
Approximate Word count = 385
Approximate Pages = 1.5
(250 words per page double spaced)
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