A monopoly is a firm that is sole seller of a product without close substitutes.Monopoly refers to that type of business in which you are a single seller of a product in the market in a particular area where there is no substitute of your products or services.Monopolist has full Control over the supply of Commodity.He is having a control on the supply of the Commodities in the market so he Possesses market price according to his wish.As a single seller in the market he is like a King without a Crown.If there is to be monopoly, the cross elasticity of demand between the product of the monopolist and the product of any other seller must be very small.
Examples: 1. Telecommunication Services in any Particular area of India.
2. Indian Railways
3.Electricity Board of India
4. State and local body agency
5.Indian postage services provided by Indian Post office.
Friday, July 20, 2018
WHAT IS MONOPOLY?
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