When a competitive market becomes controlled by a monopoly, the price ________ and the output ________.

Classified in Economy

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Specialization allows an economy to produce a greater volumen of their goods and services more efficiently. It therefore increases output, incomes and living standards. Economies then trade with each other to obtain the other goods and services they need and want. ARGUMENT Free. Increases consumer choice. It increases competition and efficiency. It creates additional business and employment opportunities. AGAINST Trade may increases the explotation of workers and the enviroment. It has increased tha gap between rich and poor nation. Tariffs. But imposing them often results in affectes overseas countries imposing tariffs of their own in retaliation .Arguments To protect industries. To protect strategic induestries. Dumping is a form of predatory pricing. It involves one country flooding another with a product at a price significantly below its market price to force rival producers out of business.

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