Description
Topic: Real-World Monopolies
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly.
- What characteristics of the industry make it a monopoly?
- What is the impact of the monopoly power on its customers?
- Why might government want to regulate natural monopolies?
- How might such regulation be structured?
Explanation & Answer
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Running head: RAILWAY INDUSTRY’S MONOPOLY
Real World Monopolies: The Railway Industry’s Monopoly
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Monopoly is whereby there is only a firm supplying a good or service to numerous
consumers. The monopoly controls 100% of the market share in that particular industry. The
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RAILWAY INDUSTRY’S MONOPOLY
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main characteristic of a monopoly is that of a price maker. The monopoly firm sets prices and
controls the level of supply thereby co...
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