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Microeconomics - Essay Example

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The worst thing about monopoly is that the seller gets market command by which he may exploit the customers either by charging high rate or sacrificing product quality. Though, monopoly is not a good thing in the market, it cannot be avoided from the market. Suppose, when the seller has a monopoly over certain resources which are used for producing a particular item such as oil, minerals etc. Sometimes, when a seller is equipped with a unique skill, which others in the same industry lack. In certain occasions, monopoly is legally attained for the patent or copy right for a product/service. Government also allows certain organisation to have sole power over certain product/service by legislation. One such organisation is what this paper is going to discuss about.
Indian Railway comes under the department of Indian Government, which came into being in1853. It is the world’s second largest rail network. All the rail operations are managed by the state-owned Indian Railways, which fall under the jurisdiction of Ministry of Railways. Rail transport is one of the common modes of the transport for large population of the country. Its network spreads across 28 states and 3 union territories with limited services to places like Nepal, Bangladesh and Pakistan. (Indian Railways, para. 4) It is the second largest commercial employer in the world and has more than 1.54 million employees and runs as many as 11,000 trains daily. (Official web site of Indian Railway). It has been assisting the growth of Indian economy directly and indirectly since its inception. During the many ups and downs of the country’s economy in the past, railway has been an integrating force to stabilize the economy and maintain economic growth of the country.
Indian Railway is not a private corporate body. It operates under the Railway Department of Ministry of Railways of Government of India. But, in the recent times it is striving to attain the professionalism in ...Show more
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In other words, monopoly exists where there is no competition. The buyers have no alternatives to select and purchase in a monopoly market. The single seller…
Microeconomics
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