ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Natural monopoly
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Geographic monopoly
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Technological monopoly
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Government monopoly
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Detailed explanation-1: -A grocery store in a remote Alaskan village is an example of a monopoly caused by geographic factors. Because the potential for profits is so small, other businesses choose not to enter, thus giving the sole provider a geographic monopoly.
Detailed explanation-2: -A monopsony is when a firm is the sole purchaser of a good or service whereas a monopoly is when one firm is the sole producer of a good or service. Most examples of monopsony have to do with the purchase of workers’ time in the labor market, where a firm is the sole purchaser of a certain kind of labor.
Detailed explanation-3: -The classic example of a monopsony is a company coal town, where the coal company acts as the sole employer and, therefore, the sole purchaser of labor in the town.
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.