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Consumers of a monopoly product pay a higher price than they would have under a competitive market; therefore the transfer of income from the consumers to the owners of the monopoly.

Consumers of a monopoly product pay a higher price than they would have under a competitive market; therefore the transfer of income from the consumers to the owners of the monopoly. In general, owners of businesses, including stockholders, tend to be wealthier than the buyers of a monopoly product, so this causes a transfer of income from poorer people to wealthier people, creating a greater inequity than would otherwise be the case. Do monopolies seek to improve their products?

 

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