Find and describe an example of Monopoly in economy. In your answer you shall mention: Definition...

Find and describe an example of Monopoly in economy.

In your answer you shall mention:

Definition of Monopoly and its main characteristics and conditions.
Name the industry where the monopoly exists.
Provide proofs that named industry has monopoly with reference to characteristics and conditions stated in (a).

Expert Solution

1) According to koutsoyiannis " Monopoly is a market situation in which there is a single seller, there are no close substitutes used for commodity it produces, there are barriers to entry".

In more simpler words, monopoly is a single seller market.

Following are the characteristics and conditions of monopoly

*one seller and large number of buyers

*The good sold in the market has no close substitutes.

* the seller is a price maker .He can set the price of his product.

*Price discrimination is possible.

*Demand curve is downward sloping

*There are restrictions on the entry of new firms

2) 1. Rail transport in India

3) >Indian railways (controlled by the central government) posess all the important features of monopoly

*It is the sole provider of rail transportation (single seller characteristic is there)

*Railway is a unique product (There are no close substitutes eventhough alternatives are available)

* Huge numbers of people travel via trains (There are a large number of buyers)

*There are restrictions placed on entry of others

How ever privatisation has been allowed in a limited manner recently. In the upcoming years there are high chances of Indian railways lossing the monopoly position.

Rahul Sunny answered 5 months ago

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