Using Real World examples, illustrate both some of the potential

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Recommended: Advantages and disadvantages of the monopoly model

Using Real World examples, illustrate both some of the potential

benefits of monopolies and explain how monopoly firms may be able to

engage in price discrimination practices.

A monopolistic market or company is one where there is non existent

competition. There is one leading market domineer that is producing

and supplying the entire market. In a monopolistic market the company

in question can determine prices or the amount of products sold to

work in their advantage. The power of a monopoly company is that it

can completely dominate a particular market subject to whether or not

there are existing or up and coming substitutes. By this what is meant

is that there could well be a substitute for the monopolist’s product.

An example of this would be old public sector companies like British

Rail. They controlled the entire rail travel market; however there

were always alternative forms of travel like coach or air travel. This

proves that there is no real possibility of a pure monopoly as there

are always alternatives. There is another variant that decides to

classification of a monopoly. This is the barriers of entry into that

particular industry or sector of the market. If there are low barriers

of entry, this will stimulate competition between firms competing for

consumers of that market sector, however if the barriers are of high

entry, then it is easy to say that the company dominating the market

is that of a monopolistic nature. This echoes the fact that a

monopolistic firm can indeed decide on price or quantity sold to

influence demand. They can only influence demand to a certain extent

because of other alternatives to their own product e.g. travel and

different forms of transport. By doing this, a monopolist company can

make non-standard profits in the long term future.

A major advantage of a monopolistic firm is that it can use price

discrimination as a tool in gaining more money. This is where a firm

can make the consumer pay for a different price for the exact same

service. A good example of this is through British telecom and how it

is cheaper to ring during off peak tariffs rather that during the day

when the cost of a phone call is substantially higher than that of a

phone call during the evening. However, for price discrimination to

happen there must be a number of factors occurring to make price

discrimination work for the company. First, the company must know its

customers and know that they have different demands to that of other

people. This may be the travel of commuters into the city for work.

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