MONOPOLY:
The word monopoly comes under Latin language.
In this mono means single and poly means seller.
It means that the organization which does not have any competitors or substitutes for the product or commodity sold by that particular organization.
EXAMPLE:
Near my hometown there is only one hospital, in case of any emergency only this hospital provides medical support if we want to go to another hospital it will take around 40kms so everyone comes to this hospital only that's why there is no competitors for this hospital hence the hospital is monopoly.
The word monopoly comes under Latin language.
In this mono means single and poly means seller.
It means that the organization which does not have any competitors or substitutes for the product or commodity sold by that particular organization.
EXAMPLE:
Near my hometown there is only one hospital, in case of any emergency only this hospital provides medical support if we want to go to another hospital it will take around 40kms so everyone comes to this hospital only that's why there is no competitors for this hospital hence the hospital is monopoly.
No comments:
Post a Comment