Monopolies, whose market position is based on exclusive access to resources, eventually lose their monopoly power when there is
A) increasing brand loyalty on the part of consumers
B) an expiration in their patents
C) a development of new technologies
D) exclusive access to resources
E) a negative cross elasticity with other goods in the market

Question

Quizplus · Accepted Answer

Monopolies lose their power when new technologies emerge, as these can provide alternative solutions or products, reducing the monopoly's control over the market.

Monopolies, Whose Market Position Is Based on Exclusive Access to Resources