Monopoly of‘ Indian Railways
Introduction :
In economics, a monopoly is defined as a persistent market situation where there is only one
provider of a product or service. Monopolies are characterized by a lack of economic
competition for the good or service that they provide and a lack of viable substitute goods.
Monopoly should be distinguished from monopsony, in which there is only one buyer of the
product or service; it should also, strictly, be distinguished from the (similar) phenomenon of
a cartel. In a monopoly a single firm is the sole provider of a product or service; in a cartel a
centralized institution is set up to partially coordinate the actions of several independent
providers (which is a form of oligopoly).
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