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Monopoly and Reasons for Its Emergence- Online Economics Classes for Class 12

Monopoly and Reasons for Its Emergence- Online Economics Classes for Class 12

Monopoly : It is very difficult for a firm to enter the monopoly market. Also, a monopolist is free to charge any price for its product. Thus, the seller under the monopoly is said to be the price maker and not the price taker.

The reasons for its emergence
  • Forming a cartel: Sometimes, individual firms while retaining their identities, unite into a group and coordinate their output and pricing policy in such a way as o reap the benefits of monopoly. Such a formation is called a CARTEL. A cartel is a business combination under which firms coordinate their output and price to reap the benefits of monopoly.
  • Grant of patent rights: When a company/ firm introduces new product or technology, its granted patent rights for its production by the government. This exclusive right is provided by the government in the form of a patent This patent right prevents others to produce the same product or uses the same technology without a license from the same company.
    • The period for which the patent right is valid is called patent life.
    We, Takshila Learning offer the best online classes for Economics Class 12. With the increase in the use of technology in our day to day lives, we have also designed an online course along with notes which cater to all your needs in preparing board exams. You can watch our videos anywhere at any time taught by our best-experienced faculty. You can attempt our CBSE Class 12 Economics classes with a detailed explanation, analysis of the exam and much more. We also provide notes, sample papers, different blogs, and articles on important topics, and information related to board examination. Today from our Microeconomics Class 12 section, I have chosen the following topic ‘Exceptions to the law of demand’ from NCERT Economics Class 12.
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