MONOPOLY MARKET

MONOPOLY MARKET
👉 A market where no competition exists and only one firm that sole seller of a product without close substitutes. This type of market is called monopoly market.
👉 The nature of the product is quite unique in this scenario.
👉 Implications of the demand curve faced by firm is downward slopping.
👉 Here there is less chance of entry of a new firm happened. So the firm has considerable control over the price of the product.

EXAMPLE
👉 In Odisha there are four DISCOMs serving electricity consumers under Odisha Govt. i.e CESO, NESCO utility, WESCO utility and SOUTHCO utility. CESO supply electricity in 9 districts in central odisha gained nearly 2986.63cr. revenue in 2016-17 fiscal year. NESCO supply electricity in 5 districts in northern Odisha gained nearly 2072.22 cr. revenue in 2016-17 fiscal year. WESCO supply electricity in 9 districts of west Odisha gained about 2687.43cr. revenue in 2016-17 fiscal year. SOUTHCO supply electricity in 7 districts of southern Odisha gained about 995.89cr. revenue in 2016-17 fiscal year. Here all four DISCOMS are working under the company GRIDCO who is the under Govt. Of Odisha. Here there is no competition for GRIDCO. So nature of the market for production, distribution and supply of electricity in odisha is a monopoly .