ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a monopoly that has NO government input
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a monopoly created by the government
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Either A or B
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None of the above
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Detailed explanation-1: -Meaning of government monopoly in English. 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.
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: -Yes, there are instances where governments act as monopolies when they are the exclusive provider of products or services and have no other competitors.
Detailed explanation-4: -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-5: -Some of the monopoly shares in India are IRCTC, HAL, Nestle, Coal India, Hindustan Zinc, ITC, Marico (Oil Products), Pidilite, Concor, and Bhel.