It safeguards the interest and work of people. because of different laws in countries, nobody can copy the designs which are registered under one brand name, patent or trademark. The monopoly which emerged because of any legal provisions like copyrights, patents, trademarks etc is called a legal monopoly. This type of monopoly gives a different outlook to monopoly meaning in economics differently. This monopoly came naturally to these countries. Mica in India, nickel production in Canada are good examples of natural monopoly. There can be natural causes for establishing a monopoly market, this type of monopoly is called a natural monopoly. In an imperfect monopoly, a firm produces a product, with the presence of close substitutes in the market. It is a very rare monopoly.Īn imperfect monopoly firm has a limited degree of power. They enjoy more monopoly power as compare to another type of monopoly.Ī pure monopoly firm has absolute monopoly power. Monopoly firm which controls all the supply of products as well as related things such forms of market structure is called a pure monopoly. On the other hand, discriminating monopoly firms charge a different price for the same quantity from different consumer. Types of monopoly meaning in economics Simple Monopoly and Discriminating MonopolyĪ firm that is charging uniform or similar prices for its products and services is called a simple monopoly.
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