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    The document discusses the characteristics and types of monopoly markets. A monopoly is defined as a market structure where there is only one producer or seller of a unique product or service without close substitutes. The key characteristics of a monopoly include a single seller, no close substitutes for the good or service, the seller acting as a price maker, and barriers to entry that prevent competition. The document also provides examples of natural monopolies, legal monopolies, and private monopolies.

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    Submitted To:prof. Darshpreet Bedi

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    The document discusses the characteristics and types of monopoly markets. A monopoly is defined as a market structure where there is only one producer or seller of a unique product or service without close substitutes. The key characteristics of a monopoly include a single seller, no close substitutes for the good or service, the seller acting as a price maker, and barriers to entry that prevent competition. The document also provides examples of natural monopolies, legal monopolies, and private monopolies.

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    The document discusses the characteristics and types of monopoly markets. A monopoly is defined as a market structure where there is only one producer or seller of a unique product or service without close substitutes. The key characteristics of a monopoly include a single seller, no close substitutes for the good or service, the seller acting as a price maker, and barriers to entry that prevent competition. The document also provides examples of natural monopolies, legal monopolies, and private monopolies.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    200 views16 pages

    Submitted To:prof. Darshpreet Bedi

    Uploaded by

    9302608310
    The document discusses the characteristics and types of monopoly markets. A monopoly is defined as a market structure where there is only one producer or seller of a unique product or service without close substitutes. The key characteristics of a monopoly include a single seller, no close substitutes for the good or service, the seller acting as a price maker, and barriers to entry that prevent competition. The document also provides examples of natural monopolies, legal monopolies, and private monopolies.

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    Submitted to:- Submitted by:-

    Prof. Darshpreet Bedi Bhoopendra Mahor


    Satyendra singh Rajput
    M.B.A. 1ST (B)
    Monopoly

    A market structure in which only one


    producer or seller exists for a product
    that has no close substitutes

    Magic
    Lamps,
    I n c.

    2
    Characterstics
    Single Sellers

    A pure monopoly is an industry in which a single firm is the


    sole producer of a good or the sole provider of a service. This
    is usually caused by barriers to entry.

    No Close Substitutes

    The product or service is unique in ways which go beyond


    brand identity, and cannot be easily replaced (a monopoly on
    water from a certain spring, sold under a certain brand name, is
    not a true monopoly; neither is Coca-Cola, even though it is
    differentiated from its competition in flavor).
    Price Maker
    In a pure monopoly a single firm controls the total supply of the
    whole industry and is able to exert a significant degree of control over
    the price, by changing the quantity supplied (an example of this
    would be the situation of Viagra before competing drugs emerged). In
    subtotal monopolies (for example diamonds or petroleum at present)
    a single organization controls enough of the supply that even if it
    limits the quantity, or raises prices, the other suppliers will be unable
    to make up the difference and take significant amounts of market
    share.

    Blocked Entry
    The reason a pure monopolist has no competitors is that certain
    barriers keep would-be competitors from entering the market.
    Depending upon the form of the monopoly these barriers can be
    economic, technological, legal (e.g. copyrights, patents), violent
    (competing businesses are shut down by force), or of some other type
    of barrier that completely prevents other firms from entering the
    TYPES OF MONOPOLY
    1. NATURAL MONOPOLY

    If the supply of a commodity is localized in a single place, then the


    monopoly is known as natural monopoly. Ex : Bangladesh possesses
    the monopoly of Raw jute and India possesses the monopoly of
    manganese.

    2. LEGAL MONOPOLY

    When a firm is given the legal right to produce a unique commodity ,


    it is known as legal monopoly. Ex: The right of note issue has been
    given by Law to the Reserve Bank of India only.
    PRIVATE MONOPOLY

    It is owned and operated by private individuals or organizations for


    the purpose of getting maximum profits. Such monopoly is
    established by liquidating the competitors. A simple private
    monopoly charges single price for his product from all the
    consumers. While, on the other hand, a discriminating monopoly
    charges more than one price for the same product from different
    consumers.
    Legal Restrictions
     Patents, licenses, and other legal restrictions
    (imposed by the government or some
    governing body) provide some producers
    legal protection from competition
     Patents – a way to protect inventors
    (innovators) from having their creations
    “stolen” by other firms or people
     Licenses – when the government grants the
    exclusive right to supply a particular good or
    service
    Examples of monopoly

    1.Private monopoly

    2.government monopoly
    Examples of Private
    monopoly

    New Era Cap Company is the “exclusive supplier” of hats for Major League Baseball teams
     Reebok is the official supplier of NFL jerseys (go to
    reebok.com to get your official Vince Young jersey!)
    According to the Gillette website, the Gillette M3 Power razor is
    protected by 62 patents
    Examples of govt. monopoly
    1. Indian railway
    2. Mineral oils
    3. Automic energy and nuclear energy
    4. Electricity

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