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Economics defines a monopoly as being a persistent market situation where there is only one provider of a kind of product or service good There are certain factors that make monopolies unlike any other market situation There are actual three of these factors competition substitutes and entry into the monopolized market There are also many different types or forms of monopolies The main five types are legal natural local competitive and coercive A popular way to understand monopolies and all that they entangle is with an economic analysis Where primary characteristics of monopolies are examined as well as monopolistic pricing which then leads to being able to calculate a monopolys output Finally we will see some historical examples such as salt Monopolies are often distinguished based on the circumstances under which they arise the main distinctions are between a monopoly that is the result of law government-granted monopoly and government monopoly alone one that arises from the cost structure of the industry natural monopoly and one that arise by other means eg one firm simply outcompeting all other firms illegal behavior etc Advocates of economic liberism assert that a more fundamental way of classifying monopolies is to distinguish those that arise and exist due to violation of the principles of a free market Coercive monopoly from those that arise and are maintained by consistently outcompeting all other firms A legal monopoly is managed by the government in forms of laws these laws are placed explicitly for the purpose of preventing competition It is also known as a government-granted monopoly When it is operated by the government itself then the monopoly is know as a government monopoly or a state monopoly obviously But there is a difference between these two A government monopoly is limited or better said specialized to a ceratin area or economic region A state monopoly on the other hand operates through the national government Therefore it is common to suggest that a
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