Service which are of absolute monopoly can can best be proved by

Assessment: JAMB UTME - Commerce - 2020 Subject: Commerce

Question 1 Report

Service which are of absolute monopoly can can best be proved by
Answer Details
A monopoly refers to a situation where a single company or entity has exclusive control over a certain product or service in a market, such that there is no competition. In this situation, the company or entity has the ability to set prices, control supply and determine the terms of the service. Public enterprises, also known as state-owned enterprises or government-owned corporations, are companies that are owned by the government. These companies can sometimes have a monopoly in certain markets, especially in sectors where the government has deemed it necessary to have control, such as utilities, telecommunications, and transportation. On the other hand, private companies and limited liability companies are owned by individuals or a group of individuals, and they operate in a competitive market. They do not have a monopoly in any market. In summary, public enterprises are best associated with services of absolute monopoly, as they can have exclusive control over certain products or services in a market due to their ownership by the government.

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