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Occupational Health and Safety, Canadian Edition

15th Edition
by David L. Goetsch, University of West Florida and Oskaloosa-Walton Eugene Ozon, Algonquin College
1035 Solutions 49 Chapters 1447 Studied ISBN: 0133450244 Computer Science 5 (1)

Chapters 13W: DQ 10

10. Evaluate: “Society does not need laws outlawing monopolization and monopoly. Inevitably, monopoly causes its own self-destruction since its high profit is the lure for other firms or entrepreneurs to develop substitute products.”


Step-By-Step Solution

10. Evaluate: “Society does not need laws outlawing monopolization and monopoly. Inevitably, monopoly causes its own self-destruction since its high profit is the lure for other firms or entrepreneurs to develop substitute products.”

Answer: Innovation can reduce or even disintegrate existing monopoly power by producing competition where there was none. According to Schumpeter, a new innovator will automatically displace any monopolist that no longer delivers superior performance. But many contemporary economists think this view reflects more wishful thinking than fact. Dominant firms have been known to persuade government to give them tax breaks, subsidies, and tariff protection to strengthen their market power. While innovation in general enhances economic efficiency, in some cases it can lead to entrenched monopoly power. Further innovation may eventually destroy this monopoly power, but the process of creative destruction is neither automatic nor inevitable.


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Brownie jelly-o pastry topping
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.
Tootsie roll cake chocolate
Gingerbread cookie pastry halvah macaroon icing sugar plum. Tootsie roll cake chocolate. Gingerbread sugar plum chupa chups powder jelly-o oat cake cake chocolate bar. Cookie brownie chocolate. Brownie pastry bonbon lollipop sweet. Icing carrot cake sweet roll biscuit. Ice cream dragée powder.