Microeconomics - Real-World Monopolies

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gvyylorr

Economics

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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.

  1. What characteristics of the industry make it a monopoly?
  2. What is the impact of the monopoly power on its customers?
  3. Why might government want to regulate natural monopolies?
  4. How might such regulation be structured?

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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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