define the concepts of monopoly and oligopoly and discuss the extent to which large corporations are...

define the concepts of monopoly and oligopoly and discuss the extent to which large corporations are no longer engaged in competitive economic activities

Expert Solution

When a single firm produces goods having no close substitute, with significant barriers to entry of other firms it is termed as a monopoly market. When there are a small number of relatively large firms that producing similar but slightly different products having significant barriers to entry for other enterprises; it is called oligopoly market. In a monopoly, the prices for the goods is very high; because there is no competition. In an oligopoly, due to the presence of competition the prices are moderate. A diversified company has two levels of strategy: business unit (or competitive) strategy and corporate (or companywide) strategy. Competitive strategy is all about creating competitive advantage in the businesses a company competes. Corporate strategy concerns two different questions: the corporation should be in which businesses and the array of business units corporate office that should managed (Michael, 1987).

Hayet Jeridi answered 1 year ago

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