ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Perfect Competition
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Monopolistic Competition
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Oligopoly
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Monopoly
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Detailed explanation-1: -A legal monopoly. arises when a company receives a patent giving it exclusive use of an invented product or process.
Detailed explanation-2: -Electricity, railways, and water are examples of the monopoly market. FMCG and automobiles are examples of an oligopoly industry. No competition exists as there is a single seller of the goods.
Detailed explanation-3: -Some examples of oligopolies include the car industry, petrol retail, pharmaceutical industry, coffee shop retail, and airlines. In each of these industries, a few large companies dominate.
Detailed explanation-4: -Public utilities: gas, electric, water, cable TV, and local telephone service companies, are often pure monopolies.
Detailed explanation-5: -Monopoly Example #1 – Railways. Monopoly Example #2 – Luxottica. Monopoly Example #3-Microsoft. Monopoly Example #4 – AB InBev. Monopoly Example #5 – Google. Monopoly Example #6 – Patents. Monopoly Example #7 – AT&T. Monopoly Example #8 – Facebook.