Define Monopoly. Give an example.

1.	Define Monopoly. Give an example.
Answer» The term monopoly is derived from two Greek words, namely, ‘Moms’ and “polus’. ‘Monos’ means single, and ‘polus’ means a seller. Thus, monopoly is a market structure in which there exists only a single seller of a product who is the sole producer of the product which has no close substitutes. For example – we get our electricity supply from one agency, that is, State Electricity Board like Punjab Electric Board in Punjab. Similarly, we travel by railway trains owned and run by the Government of India. All these are examples of monopoly.

Answer»

The term monopoly is derived from two Greek words, namely, ‘Moms’ and “polus’. ‘Monos’ means single, and ‘polus’ means a seller. Thus, monopoly is a market structure in which there exists only a single seller of a product who is the sole producer of the product which has no close substitutes.

For example – we get our electricity supply from one agency, that is, State Electricity Board like Punjab Electric Board in Punjab. Similarly, we travel by railway trains owned and run by the Government of India. All these are examples of monopoly.

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