Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsMarket2 Marks
Question
What is pure and impure monopoly?
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Answer
Pure monopoly , like perfect competition, is only the theoretical concept. According to chamberlin, "Even if the procedure keeps any price, if he can get all the incomes of all the consumers deduct their saving, pure monopoly arise". In fact, when we use the word monopoly, it is impure or limited monopoly. Generally, in the market where there are innumerable buyers and only one producer or seller, no close best substitutes are available and entry of new firms are prohibited, such a market is called a monopoly.
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