Question

Are there any businesses that come to mind who demonstrate monopolistic tendencies?

Answer 1

ANSWER-

A monopoly exists when only one company can supply an essential product or service in a given area due to significant barriers to a competitor. Barriers may be legal, regulatory, economic or geographic.In the absence of competitors, a monopoly company may raise its prices, restrict its production, or safely ignore customer service concerns.Nevertheless, they are seen as essential for the provision of some important services. In the US, these include public utilities and television broadcasting rights. Monopoly privileges typically come with increased regulatory scrutiny.

Examples of Monopoly Competition-

In my mind some examples are here-
1.Restaurants - Restaurants compete as much on the quality of the food as on the price. Product differentiation is a major element of the business. The establishment of a new restaurant has relatively low barriers to entry.

2.Hairdresser- A service that will give firms a reputation for the quality of their hair cut.

3.dresses- Designer labels are about clothing brand and product differentiation

3.TV programs - Globalization has increased the variety of TV programs from networks around the world. Consumers can choose between domestic channels, but can also import from other countries and new services such as Netflix.