ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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airline industry
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utility industry
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oil production
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wheat production
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Detailed explanation-1: -A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices. Some monopolies such as those in the utility sector are government regulated.
Detailed explanation-2: -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.
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: -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.