The Effects of Market Monopolies on Consumer Welfare and Economic Efficiency

Aryan Dhiman

doi:10.36948/ijfmr.2024.v06i05.28759

The Effects of Market Monopolies on Consumer Welfare and Economic Efficiency

Author(s)	Aryan Dhiman
Country	Canada
Abstract	Using both theoretical and empirical analysis, this study offers a thorough examination of how market monopolies affect consumer welfare and economic efficiency. The study sheds light on the ways in which monopolistic enterprises sustain their market dominance by analyzing how monopolies function. These tactics include taking advantage of entry hurdles, exercising control over crucial resources, and implementing strategies such as price discrimination. According to the research, because there is no competition, monopolies not only drive up costs but also limit consumer choice, lower the quality of their products, and stifle innovation. Due to these monopolistic actions, there are inefficiencies in the market, especially when it comes to the distribution of resources, which makes businesses less inventive and productive and ultimately contributes to a general stagnation in the economy. The role of legal frameworks like antitrust laws, which are intended to prevent monopolistic behavior, is also evaluated in this research. It criticizes current laws, pointing out that they frequently fail to keep up with changing market circumstances, especially in sectors like technology and telecommunications. In order to remedy these deficiencies, the paper suggests a number of policy measures, such as stepping up antitrust enforcement, lowering obstacles to new businesses entering the market, and liberalizing the market to create an atmosphere that is more competitive. It also promotes updating regulatory frameworks to deal with digital monopolies and quickly evolving global markets in a way that prioritizes consumer welfare and restores economic efficiency. By taking these steps, the study highlights how crucial it is to reduce monopolistic power in order to foster innovation, long-term economic growth, and consumer safety.
Keywords	rds: Monopolies, consumer welfare, economic efficiency, price discrimination, barriers to entry, antitrust laws, innovation, competition, regulatory frameworks, digital monopolies.
Field	Business Administration
Published In	Volume 6, Issue 5, September-October 2024
Published On	2024-10-18
Cite This	The Effects of Market Monopolies on Consumer Welfare and Economic Efficiency - Aryan Dhiman - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.28759
DOI	https://doi.org/10.36948/ijfmr.2024.v06i05.28759
Short DOI	https://doi.org/g8nqbc

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The Effects of Market Monopolies on Consumer Welfare and Economic Efficiency

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