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3. Give an example of Monopoly from the Omani Economy. Justify your example by explaining and...

3. Give an example of Monopoly from the Omani Economy. Justify your example by explaining and comparing with all the features of monopoly competition

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Answer #1

Oman Telecommunication Company has a monopoly over landline telephone and internet access. In 2019 Oman Telecommunication introduce 5G coverage in the world. This is an example of discriminating monopoly.
Features of Monopolistic competition:
Single seller: Oman Telecommunication is the single producer in that economy. So there is no distinction between firm and industry. This company only can produce the landline telephone and internet access.
No close substitutes: there is no close substitute produced by monopolist. So this company is a price maker.
Barriers to entry: Other firms don’t have right to enter the market. There is a close entry to prospective producer.
Perfect knowledge: Oman Telecom Company having perfect knowledge about market conditions.

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