What are differences between natural government technological and geographic monopoly?

Natural monopoly: This happens when the cost of production is lowered by having just one seller. Geographic monopoly: There are simply no other sellers of that product in the area. Technological monopoly: When a company has control over a process or scientific discovery that other companies cannot use.

What’s an example of a technological monopoly?

Technological monopolies occur when the good or service the company provides is has legal protection in the form of a patent or copyright. For example, if a company develops and patents a drug to cure brain cancer, that company has a legal monopoly over that drug.

What is the difference between a monopoly and a natural monopoly?

There are two types of monopoly, based on the kinds of barriers to entry they exploit. One is legal monopoly, where laws prohibit (or severely limit) competition. The other is natural monopoly, where the barriers to entry are something other than legal prohibition.

What is geographical monopoly?

Geographic Monopolies • Geographic monopolies occur when there is only one company that offers a particular good or service in an area. For example, in a small town there may only one general store, which has a monopoly on the goods it sells.

What is a technological monopoly?

A monopoly that occurs when a single firm controls manufacturing methods necessary to produce a certain product, or has exclusive rights over the technology used to manufacture it.

What’s technological monopoly?

What are the 7 types of monopoly?

The different types of monopoly are as follows:

• Private monopoly: The monopoly firm owned and operate by private individuals is called the private monopoly.
• Public monopoly:
• Absolute monopoly:
• Imperfect monopoly:
• Simple or single monopoly:
• Discriminative monopoly:
• Legal monopoly:
• Natural monopoly:

What are the four types of monopoly?

Terms in this set (4)

• Natural monopoly. A market situation where it is most efficient for one business to make the product.
• Geographic monopoly. Monopoly because of location (absence of other sellers).
• Technological monopoly.
• Government monopoly.

What role does the government play in a technological monopoly?

The easiest way to become a monopoly is by the government granting a company exclusive rights to provide goods or services. Government-created monopolies are intended to result in economies of scale that benefit consumers by keeping costs down.