Define monopoly?And tell me the types of monopoly..?
Answers
Meaning and Definition of Monopoly: “Monopoly is made of two words—'Mono' and 'Poly'. ... In other words, Monopoly is a market situation in which there is only one seller of a product with barriers to entry of others. ADVERTISEMENTS: The product has no close substitutes.
There are four basic types of market structures in traditional economic analysis: perfect competition, monopolistic competition, oligopoly and monopoly. A monopoly is a structure in which a single supplier produces and sells a given product.
4 types of monopolies
natural monopoly. costs are minimized by having a single supplier Ex: Sempra Energy Utility.
geographic monopoly. small town, because of its location no other business offers competition Ex: Girdwood gas station.
government monopoly. government owned and operated business Ex: USPS.
technological monopoly.
Types of Monopoly
Private monopoly: The monopoly firm owned and operate by private individuals is called the private monopoly. ...
Public monopoly: ...
Absolute monopoly: ...
Imperfect monopoly: ...
Simple or single monopoly: ...
Discriminative monopoly: ...
Legal monopoly: ...
Natural monopoly:
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Monopoly is a single firm which control the supply of commodity which has no substitute not even a remote one
there are four types of Monopoly
oligopoly
perfect Monopoly
public Monopoly
natural Monopoly