Monopoly

Monopoly means a market where there is only one seller of a particular good or service.

Characteristics

• Only one single seller in the market. There is no competition.
• There are many buyers in the market.
• The firm enjoys abnormal profits.
• The seller controls the prices in that particular product or service and is the price maker.
• Consumers don’t have perfect information.
• There are barriers to entry. These barriers many be natural or artificial.
• The product does not have close substitutes.

Advantages of monopoly

• Monopoly avoids duplication and hence wastage of resources.
• A monopoly enjoys economics of scale as it is the only supplier of product or service in the market. The benefits can be passed on to the consumers.
• Due to the fact that monopolies make lot of profits, it can be used for research and development and to maintain their status as a monopoly.
• Monopolies may use price discrimination which benefits the economically weaker sections of the society. For example, Indian railways provide discounts to students travelling through its network.
• Monopolies can afford to invest in latest technology and machinery in order to be efficient and to avoid competition.

Disadvantages of monopoly 

• Poor level of service.
• No consumer sovereignty.
• Consumers may be charged high prices for low quality of goods and services.
• Lack of competition may lead to low quality and out dated goods and services.

Friday, March 14, 12:13 PM MYT +0800 Malaysia Airlines MH370 Flight Incident - 18th Media Statement

Malaysia Airlines reiterates that we will continue to give our full support in cooperating with the search and rescue mission which is coordinated by the Department of Civil Aviation Malaysia (DCA) under the purview of the Ministry of Transport, Malaysia.

Malaysia Airlines is fully aware of the on-going media speculations and we have nothing further to add to the information we have already provided.

Our primary focus at this point in time is to care for the families of the passengers and crew of MH370. This means providing them with timely information, travel facilities, accommodation, meals, medical and emotional support.

Malaysia Airlines will continue to provide regular updates to the general public via the media and our website on all matters affecting MH370.

Sunday, March 09, 02:43 PM MYT +0800 Malaysia Airlines MH370 Flight Incident - 8th Media Statement

Statement by MAS GCEO, Ahmad Jauhari Yahya

Together with all those affected by the MH370 incident, we understand the need to provide regular updates on the progress of the search and rescue operations.  As the hours turn into days, we at Malaysia Airlines are similarly anxious and we appreciate the patience, support and prayers from everyone. 

We however acknowledge that the most affected group in this incident is the families of those on-board. As such, our primary focus at this point in time is to care for the families. This means providing them with timely information, travel facilities, accommodation, meals and emotional support. Initial financial assistance has been given out to all families. Caregivers are already assigned to each family and they are trained staff and volunteers from Malaysia and Australia.

Family members of the MH370 passengers from Beijing who wish to travel will be flown in stages to Kuala Lumpur on the available flights.  We are also communicating with the families from other nations to similarly arrange for their travel to Kuala Lumpur. 

In the event flight MH370 is located, a Response Control Centre (RCC) in the area will be activated to support the needs of families.

The airline continues to work with the authorities and we appreciate the help we are receiving from all parties during this critical and difficult time. 

Drunk held for smashing 7 ATMs in Ipoh Read more: Drunk held for smashing 7 ATMs in Ipoh

AGITATED: Man furious after ATM swallowed his card

IPOH: A DRUNK man caused a stir when he started smashing the display panels of seven automated teller machines at a bank in Menglembu here on Saturday night.

The incident happened about 10.10pm when the 34-year-old suspect was attempting to withdraw money from the machines.

Ipoh district police chief Assistant Commissioner Sum Chang Keong said initial investigations showed the suspect became agitated after one of the machines swallowed his ATM card.

"At the time of the incident, he was drunk."

Sum said a police team from the Menglembu station, who was informed of the incident, rushed to the scene to arrest the suspect.

"We also seized a knife at the scene," he said, adding the suspect had been detained for investigations.

Read more: Drunk held for smashing 7 ATMs in Ipoh - General - New Straits Times http://www.nst.com.my/nation/general/drunk-held-for-smashing-7-atms-in-ipoh-1.461032#ixzz2qEwyE41c