Monopoly

What is Monopoly

A market that is characterized by the “absence of competition” is what Irving Fisher refers to as a monopoly. This type of market is characterized by the fact that a certain individual or business is the sole provider of a particular item. This stands in contrast to oligopoly and duopoly, which are business structures in which a small number of vendors dominate a market, as well as monopsony, which refers to the dominance of a market by a single company for the purpose of purchasing a product or service. Therefore, monopolies are distinguished by the absence of economic rivalry to manufacture the commodity or service, the absence of viable substitute goods, and the possibility of a high monopoly price that is significantly higher than the seller's marginal cost, which results in a high monopoly profit. When referring to the process by which a firm acquires the authority to raise prices or exclude competitors, the term monopolize or monopolize refers to the process. It is a single vendor that constitutes a monopoly in economics. When it comes to the law, a monopoly is a commercial company that possesses enormous market power. This means that it has the ability to charge prices that are excessively high, which is related with a reduction in social surplus. Monopolies are not characterized by their size, despite the fact that they may be among the largest corporations in the world. Within a tiny industry, it is possible that a small business nevertheless possesses the ability to raise prices.

How you will benefit

(I) Insights, and validations about the following topics:

Chapter 1: Monopoly

Chapter 2: Microeconomics

Chapter 3: Monopolistic competition

Chapter 4: Oligopoly

Chapter 5: Perfect competition

Chapter 6: Imperfect competition

Chapter 7: Deadweight loss

Chapter 8: Two-part tariff

Chapter 9: Price discrimination

Chapter 10: Profit maximization

Chapter 11: Monopsony

Chapter 12: Monopoly profit

Chapter 13: Substitute good

Chapter 14: Market power

Chapter 15: Marginal revenue

Chapter 16: Lerner index

Chapter 17: Market structure

Chapter 18: Demand

Chapter 19: Margin (economics)

Chapter 20: Profit (economics)

Chapter 21: Monopoly price

(II) Answering the public top questions about monopoly.

(III) Real world examples for the usage of monopoly in many fields.

Who this book is for

Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Monopoly.