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In the context of Principles of Microeconomics-II, the distinction between a public monopoly and a private monopolist lies primarily in their ownership structure, objective functions, pricing strategies, and welfare considerations. These two types of monopolies operate under very different institutional and economic frameworks which influence their behavior in the market. --- ### Public Monopoly vs Private Monopolist 1. Ownership and Control: * Public Monopoly is owned and operated by the government. Examples include public utilities such as railways, electricity boards, or postal services. * Private Monopolist, on the other hand, is owned by individuals or corporate entities seeking to maximize profits. It may arise due to patents, control over resources, or barriers to entry. 2. Objective Function: * The primary objective of a public monopoly is social welfare maximization or provision of essential goods/services at an affordable price. It may also aim to ensure universal access, quality, and infrastructure development. * A private monopolist aims to maximize profits by equating marginal cost (MC) with marginal revenue (MR) and charging a price based on the demand curve. 3. Pricing Policy: * A public monopoly may set prices equal to marginal cost or average cost _________ ________ ________ _____ ________ _____ ___ ________ ________ _________.
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