Discriminating Monopoly – A discriminating monopoly is one where a single seller does not sell his product or service for a single price.There is no price discrimination in a simple monopoly. Simple Monopoly – A simple monopoly is one in which a single seller sells its product or service for a single price.
Imperfect Monopoly – The monopolist controls the entire market supply for its product as there is no close substitute, but there is a remote substitute for the product available in the market.This is possible because there is absolutely no close or remote substitute available in the market. Pure/ Absolute Monopoly – The monopolist controls the entire market supply for its product without facing any form of competition.An example of a public monopoly would be the U. These monopolies are set up for the welfare of the masses. Public Monopoly – A public monopoly is one that is owned by the government.Private Monopoly – A private monopoly is one that is owned by an individual or a group of individuals.These different types of monopolies are listed below: There exist several different types of monopolies in an economy. Price maker – A monopolist has the power to charge any price for its product of service.Barriers to entry – In a monopoly market structure, new firms cannot enter the industry due to barriers like government regulations, contracts, insurmountable costs of production, etc.No close substitutes – The monopolist produces a product or service that has no similar or close substitute.This also means that the seller has no competition and holds the entire market share of the offering that it deals in. Single seller – A single seller has total control over the production, and selling of a specific offering.A monopoly displays characteristics that are different from other market structures.
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