Economists Object to Monopolies on the Grounds of Efficiency

question 140

Essay

Economists object to monopolies on the grounds of efficiency.Why is this? Explain.

---

Definitions:

Big Bill Haywood

A prominent figure in the American labor movement, co-founder of the Industrial Workers of the World, and advocate for workers' rights in the early 20th century.

Omaha Platform

The political agenda adopted by the Populist Party in the United States in 1892, focusing on issues like the direct election of Senators and currency reform.

Terra Nullius

A legal doctrine that justified the annexation of land on the basis it was "owned by no one," notably used by European settlers in places like Australia.

Disproportionate

Lacking in proportion, balance, or equivalence, often used to describe uneven or unfair distribution of resources, representation, or opportunities.