Give economic terms.1. A monopoly recognised by law. 2. The cost that

Give economic terms.1. A monopoly recognised by law. 2. The cost that can add to the price of the product in a distant market. 3. A market in which laissez faire policy is adopted by the government. 4. A network of dealings between buyers and sellers. 5. A market in which a firm and industry are same.6. A monopoly that arises when a particular type of natural resources are located in a particular region. 7. A price that is determined by intersection of demand and supply. 8. Welfare oriented monopoly. Railways, Courier services, Water supply, 9. A practice of charging different prices for the same product. 10. A monopoly formed by an organisation of Petroleum Exporting countries. 11. When there is no difference between the firm and industry.

Answer»

1. Legal monopoly

2. Transport cost

3. Perfect competition

4. Market

5. Monopoly

6. Natural monopoly

7. Equilibrium price

8. Public monopoly

9. Price discrimination

10. Voluntary monopoly

11. Monopsony