Hey, Want to know the meaning of Monopoly in Hindi? ok today here in this article I will not only give the Hindi meaning of monopoly but also I will cover everything about monopoly. So you can simply scroll down and go through the article.
To know what you will get in this article check the table of Contents below.
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Hii! I am Deepjit Karmakar a web developer, content creator, or creator of this website. I love to do research and bring you the latest informative and valuable articles. Now let’s come to the article.
- Meaning of Monopolies in Hindi.
- What is Monopoly?
- Definitions of Monopoly.
- Features of Monopoly.
- What is Monopoly Market?
- What is Monopoly Competition
- Type of Monopoly.
Meaning of Monopolies in Hindi
What is Monopoly
The term monopoly is derived from two Greek words ‘Monos’ and ‘Polus’. Where Monos means single and Polus means the seller.
A monopoly calls it when there is only one person or company that can produce and sell things in the market. Apart from him, no other person or company can give that thing or service in the market. For Example:
When in April 2020, almost half of the world’s population was in lockdown, and more than 3.9 billion people in more than 90 countries or territories were ordered to stay home by their governments. Then people were risking their lives for the pandemic and the rest were sitting at home in the hope of vaccine invention by scientists around the world. And when the vaccine was invented by scientists under a pharmaceutical company, then only the company could send or sell it to the market or the international market, and the same situation in the market is called a Monopoly.
Want more examples?
Ok, let me give you another example of monopoly.
Have you ever ridden on an Indian train? There is only one supplier in the Indian market which is Indian railways. And Indian railways are controlled by indian government and an example of a public monopoly in India.
Definitions of Monopoly.
Features of Monopoly.
(c) Barriers to entry: There are several barriers to entry in the market:
1/ Economies of scale: Economies of scale means “Reduced cost per unit that arise from the increased total output of a product.”
There are two main reasons for arise of economies of scale are;
(a) Bulk orders: Economies of scale occur when orders are placed in bulk or a company produces products in bulk.
(b) Specialised or advanced technology: If advanced or specialized technology machinery is not there in that firm then how will that firm produce the product in bulk?
Is it or not?
So, it is a simple matter that not everyone can produce products in bulk and afford specialized technology or machinery in the firm and that is a barrier to entry in a monopoly market.
2/ Control of physical resources: If a person or a particular company has access to the particular physical resources for the production of the product in the market then the person or the company controls the physical resources. And it will create a monopoly in the market. Some examples of physical resources are; Raw materials, machinery, energy and supplies, buildings, facilities, etc.
Then if the person has only control over the physical resource or the particularly advanced machinery or the raw material for the production of the product apart from him no other person will be able to produce that product. And it will create a monopoly and a barrier to newcomers in the market.
Legal restrictions on the competition: There are some legal restrictions to entry into the monopoly market like
1/ Patent, 2/ Trademark;
and 3/ Copyright protection.
As you know there is only one seller or person in a monopoly market. And if he gets that thing patented, then no one can make copy product of that thing. And in the monopoly market people, keep their products legally restricted from copying.
And this is what prevents the monopoly market from turning into a competitive market.
Some other restrictions are called artificial barriers like 1/ Government license.
In some countries, governments don’t give licenses to do or open a business in their country. It is an artificial barrier to entry into a monopoly market. And it is also a barrier for newcomers to enter a monopoly market.
After knowing the restrictions to entry into the monopoly market, let’s know other features of monopoly.
(d) Complete control over market supply:
In a monopoly, only one person or company has control over the supply chain from purchasing raw materials to delivering the product to the customers.
(e) Price maker: If there is control of one person or company in the entire supply chain management, then it is obvious that the same company or the person will be the price determiner of that product.
(f) Price discrimination: Price discrimination means deciding the price of a particular product or service. It is also a simple matter that if only one person or company controls the entire supply chain then he can also increase or decrease the price of that product. He can charge different prices for the same product from his different customers.
(g) Distinguish between the firm and industry:
A firm is a unit engaged in the preparation of a product. The term firm includes all those enterprises which are related to the production of goods or services. The firm may be an individual proprietor, partnership firm, or joint stock company.
Where, the industry is a group of productive enterprises or organizations that produces goods, services, or sources of income.
If there is only one such firm or company in the industry which supplies that product in the market, then that will be called a firm and that will also be called industry. And in this case, there will be no difference between the firm and the industry. Monopoly is both a firm and an industry in itself. That is why there is no difference between a firm and an industry in a monopoly.
What is a Monopoly Market
What is Monopoly Competition
Types of Monopoly
There are several types of monopolies in the market some of the few are:
- Private Monopoly
- Public Monopoly
- Legal Monopoly
- Natural Monopoly
- Simple Monopoly
- Discriminating Monopoly
- Voluntary Monopoly
Let me explain to you all the monopolies to understand clearly.
The first one is explained below:
1/ Private Monopoly: In a monopoly, there is only a single person or seller and in a private monopoly, there is also a single seller but their motive is not to give services to the people. Their motive is to earn more and more money by selling their products and services to people. In a monopoly market, when there is a private company or firm in the business then it will be called a private monopoly. Some examples of private monopoly are:
(A) Reliance Industries Ltd,
(B) Tata Motors Ltd.
2/ Public Monopoly: Public monopoly is a monopoly where the organization is run by the government and their main motive is to provide services to people and they are built for public welfare. some examples of public Monopoly are:
(A) Indian Railways and
(B) Life Insurance Corporation of India.
3/ Legal Monopoly: In a Legal monopoly, the business owner restricts new firms to enter the business and from selling the same product in the market by making patents, trademarks, and copyright. And it is called a legal monopoly.
4/ Natural Monopoly: Some products require a particular climate to grow and some particular are has the climate. For example, Tea is grown in Assam and coffee is grown in Karnataka state of India. Like these making some products requires particular raw materials for production, if someone controls the resources over there then they will only be able to make the production of the product and they will create a monopoly in the market. And it will be called a natural monopoly.
5/ Simple Monopoly: Simple monopoly is rare as I have already explained. To read you can simply scroll up and go to the table of content and then tap on “What is Monopoly”
Now let’s see what is Discriminating monopoly.
6/ Discriminating Monopoly: When in a monopoly market the seller charges different prices from the customers or buyers for the same product or services then, it will be called a Discriminating Monopoly.
7/ Voluntary Monopoly: In a Monopoly when two or more companies or organizations coordinate with each other and work together then, it will be called a voluntary monopoly.
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