Question

throughout much of the 20th century, many people viewed south africa’s de beers group as a monopoly because it controlled a large percentage of diamond production and sales.

Answer 1

The way ownership is acquired for resources differs. Throughout much of the 20th century, many people viewed South Africa's De Beers Group as a monopoly because it controlled a large percentage of diamond production and sales falls under Exclusive ownership of a key resource barrier to entry a monopoly

Exclusive ownership of a key resource such as diamond mines is known as a barrier to entry in the market for diamonds. The exclusivity of this important resource prevented the entry of rival firms.

• De Beers is known to be a good example of a monopoly that is based on a natural resource.

They had a lot of market power in the world market for diamonds over the  20th century, making the price of diamonds high.

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