An Overview of Monopoly Power
This post will help you enhance your understanding of monopoly power and the need for government intervention in monopolies, as part of your Prelim Economics course. A monopoly is a market structure that has one large firm controlling the industry. Governments intervene in markets like these to ensure that they are acting fairly in society.
Many examples of monopoly powers are derived from privatised and corporatised government-owned enterprises. An example of this is Australia Post.
The videos below explain what monopolies are, and how privatisation and corporatisation tie into the idea of monopolies.
https://www.youtube.com/watch?v=vMXZZ0G29DI
