Lecture- 5b- Monopoly Power

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Monopoly Power - There can have only one supplier Under monopoly - There are barriers preventing entry of others to this industry o Lack of close substitutes – Petrol o Other barriers of entry to this market - No substitutes : - Future of the industry depends on whether there will be substitutes - Technological development can find new substitutes - Legal Barriers to entry - Government grants: o Franchises- Post office is given exclusive right to letter carrying. o Licenses- Charted accountants, surveyors, Law practice, o Radio and TV channels o Patent or copyrights encouraging inventions o In England, 16 yrs, USA 20 yrs- Microsoft - Natural barriers to entry o Economies of scale

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Transcript of Lecture- 5b- Monopoly Power

Page 1: Lecture- 5b- Monopoly Power

Monopoly Power

- There can have only one supplier Under monopoly- There are barriers preventing entry of others to this industry

o Lack of close substitutes – Petrol o Other barriers of entry to this market

- No substitutes :- Future of the industry depends on whether there will be substitutes- Technological development can find new substitutes- Legal Barriers to entry- Government grants:

o Franchises- Post office is given exclusive right to letter carrying.o Licenses- Charted accountants, surveyors, Law practice, o Radio and TV channelso Patent or copyrights encouraging inventionso In England, 16 yrs, USA 20 yrs- Microsoft

- Natural barriers to entryo Economies of scale

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