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Market Structure and Pricing — Economics STD 11 — Question

Tamilnadu BoardEnglish MediumSTD 11EconomicsMarket Structure and Pricing3 Marks
Question
Explain the sources of monopoly power.
✓

Answer

1. Natural monopoly :
Ownership of the natural raw materials. (Eg.) Gold mines (Africa)

2. State monopoly :
Single supplier of some special services. (Eg.) Railways in India

3. Legal monopoly :
A monopoly firm can get its monopoly power by getting patent rights, trade mark from
the government.

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