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Monopoly of Indian Railways : IIM Case Study
By: Yogin Vora on May 13, 2009 22 Comments
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In economics, a monopoly (from the Latin word monopolium – Greek language monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a product or service. Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods. Monopoly should be distinguished from monopsony, in which there is only one buyer of the product or service; it should also, strictly, be distinguished from the (similar) phenomenon of a cartel. In a monopoly a single firm is the sole provider of a product or service; in a cartel a centralized institution is set up to partially coordinate the actions of several independent providers (which is a form of oligopoly). Primary characteristics of a monopoly Single Sellers A pure monopoly is an industry in which a single firm is the sole producer of a good or the sole provider of a service. This is usually caused by barriers to entry. No Close Substitutes The product or service is unique in ways which go beyond brand identity, and cannot be easily replaced (a monopoly on water from a certain spring, sold under a certain brand name, is not a true monopoly; neither is Coca-Cola, even though it is differentiated from its competition in
Monopoly of Indian Railways : IIM Case Study | MBA Projects
Home Download Projects Projects Contact Project Help!
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► Railway
► Rail
► India
► Monopoly
Want to save on Tax? sundarammutual.com A Doosra Advantage of tax benefits Only with Sundaram Mutual Funds
MBA Projects Help for Management Projects, MBA Projects and Reports
Search
639
RSS Entries
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► India Seven
► Safety Rail
► Trains Rail
► Rail Travel
Home » Management
Monopoly of Indian Railways : IIM Case Study
By: Yogin Vora on May 13, 2009 22 Comments
Business Cards Medical Insurance Business internet connection
In economics, a monopoly (from the Latin word monopolium – Greek language monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a product or service. Monopolies are characterized by a lack of economic competition for the good or service that they provide and a lack of viable substitute goods. Monopoly should be distinguished from monopsony, in which there is only one buyer of the product or service; it should also, strictly, be distinguished from the (similar) phenomenon of a cartel. In a monopoly a single firm is the sole provider of a product or service; in a cartel a centralized institution is set up to partially coordinate the actions of several independent providers (which is a form of oligopoly). Primary characteristics of a monopoly Single Sellers A pure monopoly is an industry in which a single firm is the sole producer of a good or the sole provider of a service. This is usually caused by barriers to entry. No Close Substitutes The product or service is unique in ways which go beyond brand identity, and cannot be easily replaced (a monopoly on water from a certain spring, sold under a certain brand name, is not a true monopoly; neither is Coca-Cola, even though it is differentiated from its competition in