ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -a situation in which the government owns and controls a particular industry and there is no competition: Government monopoly of communications is incompatible with e-commerce. The exploration of space has been a government monopoly for 50 years, but it can be done through the private sector too.

Detailed explanation-2: -In economics, a government monopoly or public monopoly is a form of coercive monopoly in which a government agency or government corporation is the sole provider of a particular good or service and competition is prohibited by law. It is a monopoly created, owned, and operated by the government.

Detailed explanation-3: -Two examples of government-sanctioned monopolies in the United States are the American Telephone and Telegraph Corporation (AT&T) and the United States Postal Service. Prior to its mandated break up into six subsidiary corporations in 1982, AT&T was the sole supplier of U.S. telecommunications.

Detailed explanation-4: -Some of the monopoly shares in India are IRCTC, HAL, Nestle, Coal India, Hindustan Zinc, ITC, Marico (Oil Products), Pidilite, Concor, and Bhel.

Detailed explanation-5: -Natural Monopoly. Only one company providing a public good or service. Technological Monopoly. When a single firm has exclusive rights over the technology used to manufacture it. Geographic Monopoly. Government Monopoly. Least Threat: Four Types of Monopolies.