Syllabus T. Y. B. A. Paper : IV advanced economic theory with effect from academic year 2010-11 in idol

 
3. Pure Monopoly: 
 
It is also known as absolute monopoly. When a single firm 
controls the supply of a commodity, which has no substitutes, not 
even a remote one, it is called as pure monopoly. Such firms 
possess absolute monopoly power and are very rare. It is 
complete negation of competition. 
4. Imperfect Monopoly:
It is also know as relative or limited monopoly. In such a 
monopoly there is a limited degree of monopoly. It refers to a 
single firm, which produces a commodity having close substitutes. 
In practice, we can find such monopolies. However, it does not 
have absolute monopoly power in deciding its price and output 
policy. 
5. Public or Social monopoly: 
It is also known as essential monopoly. When production 
of a commodity is solely owned, controlled and managed by the 
State, it is called as public or social monopoly. Goods and 
services of such organisations are for the benefit of all the 
members of the society. The government generally provides it. 
Hence, the prices charged are low as they aim to maximize social 
welfare. There is no exploitation of any kind e.g. Indian railways, 
which provides transport facilities is under a separate department 
under the railway ministry. The ministry is answerable and 
accountable to the Parliament. 
6. Private Monopoly:

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When individuals or private body controls a monopoly firm it 
is called as a private monopoly. The aim of private monopolists is 
to maximize their profits and therefore the prices charged by them 
are very high. Although such monopolies do not sell a unique 
product, they are considered as monopolies as they are able to 
control the market by restricting supply. This helps to raise prices 
and achieve the objective of maximum profits e.g., Tata, Birla, 
Reliance, Mafatlal, Bajaj etc.