monopoly by Nicholas Gustafson https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8 en-us 2023-11-02 14:41:51 UTC 2023-11-09 03:14:15 UTC hello@padlet.com ngustafs2_ https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2773961367

  • The market consists of one seller

  • the single seller sells a product that has no close substitutes

  • the barriers to entry are high, which means that entry into the market is extremely difficult

    • ]]>     2023-11-02 14:45:01 UTC https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2773961367     ngustafs2_ https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2773969499

  • A monopoly market is a price searcher, which means they can sell some of its products at various prices.

    1. Monopoly firms find the highest price at which it can sell its entire output


    ]]>     2023-11-02 14:50:14 UTC https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2773969499     ngustafs2_ https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2773986580 2023-11-02 15:01:18 UTC https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2773986580 Amazon ngustafs2_ https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2780899628 Advantages:

    1. Provides great customer service experience, such as easy to operate, fast online order, smooth checkout, and easy returns

    2. Range, price, and convenience

    ]]>     2023-11-08 03:47:17 UTC https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2780899628     Amazon ngustafs2_ https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2780900214 Disadvantages:

    1. facing  tougher competition on Amazon because other sellers want to cash in on the wholesale benefits, too.

    2. Limited warehouse space

    ]]>     2023-11-08 03:47:58 UTC https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2780900214     ngustafs2_ https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2782610107 2023-11-09 02:55:16 UTC https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2782610107 ngustafs2_ https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2782642116 2023-11-09 03:14:15 UTC https://padlet.com/ngustafs2_/f4ixvxj5hmoio5w8/wish/2782642116