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A public monopoly and a private monopolist are both market structures where a single seller dominates the market for a specific good or service. However, they differ fundamentally in terms of ownership, objectives, and pricing strategies. A public monopoly is owned and operated by the government. Its primary objective is not profit maximization but rather social welfare, equitable distribution, and accessibility of essential goods or services. Examples include water supply, electricity, and public transport in many countries. Since these goods are necessities, the government intervenes to ensure that prices remain affordable for the general public. A private monopolist, on the other hand, is a profit-seeking firm owned by individuals or shareholders. It aims to maximize profits by determining the price and quantity of its product where marginal revenue equals marginal cost (MR ___ __________ _______ ____ _____ _______ _________.
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