ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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monopoly created and or owned by the government
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the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
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market structure in which the average costs of production are lowest when all output is produced by a single firm
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a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.
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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: -Definition of ‘government monopoly’ 1. the exclusive control of the market supply of a product or service by the government. 2. an enterprise created by the government that exercises this control.
Detailed explanation-3: -Today, government-granted monopolies may be found in public utility services such as public roads, mail, water supply, and electric power, as well as certain specialized and highly regulated fields such as education and gambling.
Detailed explanation-4: -A government-created monopoly is the sole supplier of certain goods or services, and competition is prohibited by law. An example of a government monopoly is the United States Postal Service.