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Answer to Question #77174 in Microeconomics for syed

Question #77174
Are there any advantages to a single market seller and how do they compare to its perceived disadvantages.
Expert's answer
A single market seller in fact represents monopoly on a particular market. The biggest advantage of a monopoly is an ability of a seller to establish the most beneficial price for him. As a result, a seller receives the highest potential profits, avoding price competition. This advantage, of course, can be eliminated via actions of regulative bodies. Absence of competition, in turn, can become a disadvantage to a single market seller. It is a well-known fact that competition is a driver of progress and development. A single market seller may not feel enough incentives to develop and growth. It is going to end with loosing positions on the market in the future.

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