The concept explains the fundamental principles of market monopolies and outlines the benefits and disadvantages of this type of market structure. Case studies from across different sectors and countries are presented to show the effects of monopolies and provide guidance on how to measure unfair competition in an industry.
A monopoly occurs when a company is the only seller of a good without close substitutes. The best-known distortion in the market caused by a monopoly is the pricing strategy. Since a monopoly is the only supplier of the product it sells, it can price its good above the price it could charge in a competitive market, leading to a loss of aggregated social welfare (Tirole, 2003).
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Monopoly References (4 of up to 20) *
- Baumol, W.J., Blinder, A.S. (2011), Economics: Principles and Policy, Cengage Learning.
- Brezina, I., Pekár, J., Čičková, Z. (2012) The Analysis of Concentration of Slovak Banking Sector, Strategic Management, 17(2), 45-50.
- Forsythe, M. (2010), China Inc., Bloomberg, Oct 13th, available at: http://www.bloomberg.com/news/2010-10-13/china-inc-.html
- LeLe, M.M. (2007), Monopoly rules: how to find, capture and control the world's most lucrative markets in any business, Kogan Page Publishers.
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