282 - BUSINESS LAW

Business Law
(Task 3)

3.1 Monopoly and anti-competitive
practice legislation
In this regard, monopoly and anti-competitive practice legislation can
be understood as below:-
Monopoly:- This kind of market is where only one seller and several
number of people are available for product services. However, there is less
choices presented for buying goods and also prices are determined by
organization's owner. In this regard, some of the important features of monopoly
market structure can be expressed as:-
 Price maker
 Full control over supply
 Barriers to entry
 Firm itself considers as industry.

Cntd.
Anti-competitive practice legislation:
 Business, government and religious
practices
 Helpful to reduce competition in market
 Agreements between competitors