49- Types of Monopoly | with | Social cost | or | Welfare loss | under | Monopoly

In this topic, we learn different forms of monopoly with examples. Then we examine, how welfare loss or social cost is experienced when the monopolist fails to produce the equilibrium level of output.
A monopoly is a form of an imperfect market with the characteristics of a single seller, no close substitute, difficulty entering the market.
There are different forms of monopoly-like, like a simple monopoly in which a single seller sells his product at a single price in a single market and the product can be resold.
Discriminating monopoly in which seller charges different prices to customers in different markets and resale of product cannot be possible.
Under Pure monopoly, the monopolist has full control over supply and selling a unique product.
An imperfect market may be a monopoly, oligopoly, duopoly, monopolistic competition.
Natural monopoly means, a single firm supplies product at a lower cost to the whole market, where two or more firms could not provide, and natural monopoly is formed due to natural causes like a good location, and abundance of natural resources.
A legal monopoly exists, due to legal provisions on the account of trademark, copyright, patents, and statutory regulations.
Public monopoly is created in the interest of the nation and the government nationalizes certain industries.
Deadweight loss shows the inefficiency of the monopolist when the monopolist fails to supply goods to those customers, who were willing to pay as per the marginal cost of producer and producer failed to produce the efficient level of output.

#SimpleMonopoly##DiscriminatingMonopoly#PureMonopoly#ImperfectMonopoly#Natural Monopoly#LegalMonopoly#PublicMonopoly##SocialCostofMonopoly#deadweightloss#

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