Distinguish between the following:
3. Natural monopoly and Social monopoly
Answer:
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Natural Monopoly
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Social Monopoly
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It is created due to the ownership of some natural resources.
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It is created due to sole ownership and management by the government.
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It arises because of factors such as good location, old establishment, goodwill of the firm and ownership of a natural resource.
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It is created deliberately for welfare motive.
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