Explain why we have laws in Australia to prevent the formation of monopolies? Why are competitive markets considered desirable from a societal standpoint?

Marketing Jan 13, 2021

Expert Solution

In a free-market economy like Australia, the Government discourages Monopolistic market in order to avoid higher price control on commodities which could make an adverse impact on the spending behavior of its people. A free market economy has perhaps the most desirable social benefits as it promotes "healthy" competition among the businesses to produce high-quality product in different price range.

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