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What criteria should be applied in judging whether monopolies are acting in public interest? (25) In judging whether monopolies are acting in public interests, we are essentially examining their relative merits and demerits to the society. A monopoly is a single producer in the market that produces a unique product with no close substitutes. The monopoly is so large that the firm is considered to be the industry in producing the good. The monopoly also has high barriers to entry to potential competitors. The barriers to entry can be natural barriers like the monopoly control of supply of inputs or the high initial setup costs or artificial, man-made barriers like copyright laws, market franchise etc. Public interests refer to the general welfare of the society which consists of both the firms and the consumers. The households and the producers make up the public and the welfare of these groups of...

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