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Four Types of Monopolies
Transcript of Four Types of Monopolies
A monopoly is a market situation in which a single supplier makes an entire industry for a good or service.
A single seller: only on seller exists for a good or service.
No substitutes: no close substitutes for the good or service the monopolist sells.
No entry: monopolist is protected by obstacles to competition that prevent others from entering the market.
Almost complete control of Market price: by controlling the available supply, the monopolist can control the market price.
A sole provider for a certain area or region, which causes other businesses not to enter due to profits being so small.
Only one company providing a public good or service.
When a single firm has exclusive rights over the technology used to manufacture it.
When a monopoly is held by local, state, and national governments.
Luthra, V. (n.d.). Retrieved from http://www.businessdictionary.com/definition/technological-monopoly.html
An example is a general store because if there is little profit in a small town then there is no point for another business to enter the area.
An example is New Hampshire Electric Co-op. This is because it is the only electric company that provides for this area. It scomes natural for the public to contact this company.
An example is Windows 7 because it was patented so no one else can take the creation.
An example is when the government has to be in charge of running water. Since it is the government there are barriers that are put up to prevent other companies competing with the government.
I think Government Monopoly would be the least threat because if the government is controlling a certain thing and no one else then there is no point for competition or another company to provide that service.
I think the most threat would be a Natural Monopoly because there is more of a thrive for competition.
BY Natalie Barry