Managerial

Economic
MONOPOLY
SUGAR INDUSTRY OF PAKISTAN
SUBMITTED BY :
FAHAD BIN HAFEEZ
Imran Tariq Awan
Umair Javed
Mohammad Shoai
SUBMITTED TO :
SI! "AZI SUBHAN
CLASS : BBA# $%
MONOPOLY
MANAGERIAL ECONOMICS Page 2
MONOPOLY

&MONOPOLY'
SUGAR INDUSTRY OF
PAKISTAN
Monopoly
MANAGERIAL ECONOMICS Page 3
MONOPOLY
A monopoly is a market structure in which there is only one producer/seller for a
product. In other words, the single business is the industry. Entry into such a
market is restricted due to high costs or other impediments, which may be
economic, social or political. For instance, a goernment can create a monopoly
oer an industry that it wants to control, such as electricity. Another reason for the
barriers against entry into a monopolistic industry is that oftentimes, one entity has
the e!clusie rights to a natural resource. For e!ample, in "audi Arabia the
goernment has sole control oer the oil industry. A monopoly may also form
when a company has a copyright or patent that preents others from entering the
market. #fi$er, for instance, had a patent on %iagra.
What Does Monopoly Mean?
A situation in which a single company or group owns all or nearly all of the
market for a gien type of product or serice. &y definition, monopoly is
characteri$ed by an absence of competition, which often results in high prices and
inferior products.
According to a strict academic definition, a monopoly is a market containing a
single firm.
Explanation:
'onopoly is the e!treme case in capitalism. 'ost beliee that, with few
e!ceptions, the system (ust doesn)t work when there is only one proider of a good
or serice because there is no incentie to improe it to meet the demands of
consumers. *oernments attempt to preent monopolies from arising through the
use of antitrust laws.
+f course, there are gray areas, take for e!ample the granting of patents on new
inentions. -hese gie, in effect, a monopoly on a product for a set period of time.
-he reasoning behind patents is to gie innoators some time to recoup what are
often large research and deelopment costs. In theory, they are a way of using
monopolies to promote innoation. Another e!ample is public monopolies set up
by goernments to proide essential serices. "ome beliee that utilities should
offer public goods and serices such as water and electricity at a price that is
affordable to eeryone.
MANAGERIAL ECONOMICS Page .
MONOPOLY
'onopolies cannot charge as much as they want, nor would they. -hey are still
bound by costs, and thus there is a theoretical optimum for production, if they
could charge as much as they wanted then they would, and it would be set to
infinity.
In specific cases haing a monopoly proides the cheapest supply for a product.
&ut because of what is called /a natural monopoly/ the goernment regulates it so
as to keep their prices as close to a purely competitie situation as possible.
"o to answer your 0uestion, the importance of a natural
monopoly is to proide goods and serices at the cheapest price possible. +ther
monopolies probably can abuse their monopolistic power. -he only reason that
natural monopolies can)t is because they are regulated.
*ood e!amples of natural monopolies 11 local distribution
lines for natural gas and wires for electricity distribution. It doesn)t make sense to
hae 23 companies setting poles and hanging wire on them. #lus it would be
e!tremely ugly. "o one company does it, but the company is regulated. "ometimes
goernments proide 4atural monopoly good and serices, but that can cause
problems also. -he rates become like ta!es and the goernment has no one
regulating them.
Objectives:
-he debate about monopoly will neer be settled5 -he consensus seems to be that
the economic case for and against monopoly needs to be (udged on a case by case
basis 1 particularly when assessing the impact on economic welfare.
-he standard economic case against monopoly is that, with the same cost
structure, a monopoly supplier will produce at a lower output and charge a higher
price than a competitie industry. -his leads to a net loss of economic welfare and
efficiency because price is drien aboe marginal cost 1 leading to locatie
inefficiency.
-he diagram below shows how price and output differ between a competitie and
a monopolistic industry. 6e hae assumed that the cost structure for both the
competitie firm and the monopoly is the same 1 indeed we hae assumed that
output can be supplied at a constant marginal and aerage cost.
MANAGERIAL ECONOMICS Page 7
MONOPOLY
Assuming that the monopolist seeks to ma!imi$e profits and that they take the
whole of the market demand cure, then the price under monopoly will be higher
and the output lower than the competitie market e0uilibrium. -his leads to a
deadweight loss of consumer surplus and therefore a loss of static economic
efficiency
MANAGERIAL ECONOMICS Page 8
MONOPOLY
!"# MO#O$O%& 'E DE(E#DED?
Monopoly and Economies of )cale
MANAGERIAL ECONOMICS Page 9
MONOPOLY
&ecause monopoly producers are often supplying goods and serices on a ery
large scale, they may be better placed to take adantage of economies of scale 1
leading to a fall in the aerage total costs of production. -hese reductions in costs
will lead to an increase in monopoly profits but some of the gains in productie
efficiency might be passed onto consumers in the form of lower prices. -he effect
of economies of scale is shown in the diagram aboe. Economies of scale proide
potential gains in economic welfare for both producers and consumers.
*egulation of monopoly
&ecause of the potential economic welfare loss arising from the e!ploitation of
monopoly power, the *oernment regulates some monopolies. :egulators can
control annual price increases and introduce fresh competition into particular
industries
Monopoly and +nnovation ,*esearch and Development-
;ow are the supernormal profits of monopoly used< Is consumer surplus of e0ual
alue to producer surplus<
Are large1scale firms re0uired to create a comparatie adantage in global
markets< "ome economists argue that large1scale firms are re0uired to be
competitie in international markets.
An important issue is what happens to the monopoly profits both in the short run
and the long run. =ndoubtedly some of the profits will be distributed to
shareholders as diidends. -his raises 0uestions of e0uity. "ome low income
consumers might be e!ploited by the monopolist because of higher prices. And,
some of their purchasing power might be transferred ia diidends to shareholders
in the higher income brackets 1 thus making the oerall distribution of income
more une0ual.
;oweer some of the supernormal profits might be used to inest in research and
deelopment programmes that hae the potential to bring dynamic efficiency gains
to consumers in the markets. -here is a continuing debate about whether
competitie or monopolistic markets proide the best enironment for high leels
of research spending.
MANAGERIAL ECONOMICS Page >
MONOPOLY
Domestic monopoly but international competition
A firm may hae substantial domestic monopoly power but face intensie
competition from oerseas producers. -his limits their market power and helps
keep prices down for consumers. A good e!ample to use here would be the
domestic steel industry. !orus produces most of the steel manufactured inside the
=? but faces intensie competition from oerseas steel producers.

SUGAR INDUSTRY OF PAKISTAN
"ugar industry is playing an important role in the economy of #akistan. -he
progress in technology has been made by industry itself. At the time of the
independence there were only two sugar mills one at :ahwali, #un(ab and the
other at -akhat &ai, 46F#. -otal 0uantity of sugar produced during 2@.91.> was
9,@32 tones. -oday there are 97 sugar mills all oer the country. 'a(ority of these
sugar mills are based on sugar cane. -he total crushing capacity of this industry is
appro!imately 3.3 million tones cane per day. ;oweer, only four mills process
beet for sugar production. *eographical distribution of these mills is gien in
-able,
)E*+"%
#O
"*E" #OO( M+%%) $E*!E#."/E
2 #=4AA& 3> 73.88B
2 "I4C; 33 .3B
3 46F# 8 >B
. &AD=E;I"-A4 3 3
7 AFAC ?A";'I: 2 2.33B
.O."% 0 12
MANAGERIAL ECONOMICS Page @
MONOPOLY
4awa$ Family owns /@/ sugar mills and total #'DG4H hae /22/ sugar mills. Former
minister Abbas "arfara$ was the owner of /7/ sugar mills. -he total no. of sugar mills in
"indh are 33 and mostly under the influence of Asif Ali Fardari. +ther /.3/ sugar mills
owned by different business mans in #akistan. Dist of 4awa$ family sugar millsI
Abdullah "ugar 'ills, &rother "ugar 'ills, Ehannar "ugar 'ills, Ehaudhry "ugar 'ills,
;aseeb 6a0as "ugar 'ills, Ittefa0 "ugar 'ills, ?ashmir "ugar 'ills, :am$an "ugar
'ills and Jousaf "ugar 'ills.
:ecently #akistan had a huge sugar crisis, from which common man has suffered a
lot. -he concerned department wanted to import sugar to meet the demand of the
country but as we all know that ma!imum sugar mill owners are politicians, they
didnKt let the goernment to do its (ob, so that they create a sugar monopoly and
make profit. -he owners created an artificial sugar crisis too and stored sugar to
create more demand. As in economics, when demand increases price of the
commodity increases. -hatKs what happened here. Full adantage was taken from
the artificial monopoly which was created.
Sugar Crisis in Pakistan
It is a 0uestion that in #akistan who is the responsible for sugar crisis and inflation of
prices in #akistan< -here are three terror tries inoled in it but they are blaming each
other. +ne is the *oernment who is striing to hide its Failure in *oernment, the
second one is the owners of "ugar 'ills, who are gaining benefit from the failure of
*oernment, and third one are the public who are using sugar and sugar and they do open
their eyes when doctor diagnoses them sugar, and they don)t know either this diagnose is
due to crisis or prices.
"ugarcane is the second largest non1food crop after cotton and ranks fifth in respect of
acreage. #rolonged drought and heat stress decreased its production by 22 per cent in
2@@@12333, and further 29 per cent in 2333132.
An Introdution to Pakistan!s Sugar Industry
#akistan is the 7
th
largest country in the world in terms of area under sugar cane
cultiation, 22
th
by production and 83
th
in, yield. "ugarcane is the primary raw material
for the production of sugar. "ince independence, the area under cultiation has increased
more rapidly than any other ma(or crop. It is one of the ma(or crops in #akistan
cultiated oer an area of around one million hectares.
-he sugar industry in #akistan is the 2
nd
largest agro based industry comprising >2 sugar
mills with annual crushing capacity of oer 8.2 million tones. "ugarcane farming and
sugar manufacturing contribute significantly to the national e!che0uer in the form of
arious ta!es and leies. "ugar manufacturing and its by1products hae contributed
significantly towards the foreign e!change resources through import substitution.
MANAGERIAL ECONOMICS Page 23
MONOPOLY
K"y Fats
Erushing Eapacity 8.2 'illion tones
Eontribution to Economy 3.3 L ..3 'illion -ones
1 "hare in *C# 2.@B
1 Employment 2.7 million Gdirectly M indirectlyH
1 -otal Inestment #?: 233 &illion GAppro!H
Aerage Jield per ;ector .8.> -ones
-otal Eane #roduction .7.3 L 77.3 'illion -ones
Eane Aailable 331.3 'illion -ones
Aerage recoery of sugar @.2 Gs. world ag. 23.8BH
#er Eapita Eonsumption 27.> ?g #er capita
Eontribution to e!che0uer :s.22.28 &illion
SUGARCAN#
"ugarcane, an important cash crop, is grown on oer a million hectares and
proides the raw material for #akistanKs 9> sugar mills "ugarcane production is
cyclic as farmers and industry continues to work at odds. Industry procurement
practices such as delaying the crushing season, buying cane at less than the
support price, short weight, false deductions and delayed payments reduce returns
to farmers. "ugar millers complain that farmers grow unapproed arieties with
low sucrose content, thus resulting in lower sugar production.
MANAGERIAL ECONOMICS Page 22
MONOPOLY
Area (000' hectares) Production (000' MT)
Province 2006/07 2007/08 2008/09 2006/07 2007/08 2008/09
Punjab 712.00 805.00 725.00 37,542 42,453 38,335
indh 215.00 240.00 215.00 12,529 13,950 12,550
!"#P 106.00 115.00 105.00 4,800 5,100 4,500
$a%uch 0.0 0.00 0.00 0.0 0.0 0.0
Tota% &0''(00 &&60(00 &0)*(00 *)+87& 6&+*0' **+'8*
Indiati$" Pri"s o% Sugaran" &y Pro$in"
(Rs. per 40 kg/ Rs. 61= 1USD)
,-A. P/!0A$ 1!23 !"#P $A4/531TA!
200060& 35.00 36.00 35.00 36.00
200&602 42.00 43.00 42.00 43.00
200260' 40.00 43.00 42.00 43.00
200'60) 40.00 41.00 42.00 43.00
200)60* 40.00 43.00 42.00 43.00
200*606 45.00 58.00 48.00 -
2006607 60.00 67.00 48.00 -
2007608 60.00 67.00 65.00 -
2008609 60(00 67(00 6*(00 -
MANAGERIAL ECONOMICS Page 22
MONOPOLY
Sugar Prodution' I(ports and #)ports
(Figures i !"#us$% &e'ri( !#s)
#isca% ,ear (#,) Production 178orts -98orts
2002 3,676 83 32
200' 4,020 114 116
200) 3,115 267 54
200* 2,988 1,527 61
2006 3,519 565 47
2007 4,163 110 12
R"%in"d Sugar prodution' Supply and D"(and

MANAGERIAL ECONOMICS Page 23
5:/!T., PA;1TA!
5:M:21T, u<ar+ 5entri=u<a% (/:M &000 MT)
2007
.evised
2008
-sti7ate
2009
#orecast
USD)
*FF+,+)
-
.#s'
/s'i0$'e
.#s'
/s'i0$'e
1e2
USD)
*FF+,+)
-
.#s'
/s'i0$'e
.#s'
/s'i0$'e
1e2
USD)
*FF+,+)
-
.#s'
/s'i0$'e
.#s'
/s'i0$'e
1e2
Mar>et ,ear
$e<in
10/2006 10/2006 10/2007 10/2007 10/2008 10/2008
$e<innin<
toc>s
2283 1260 1260 1060 1060 1060 2323 0 1163
$eet u<ar
Production
27 15 15 20 20 20 0 0 20
5ane u<ar
Production
3600 3600 3600 3700 3700 4143 0 0 3650
Tota% u<ar
Production
3615 3615 3615 3720 3720 4163 0 0 3670
.a? 178orts 0 0 0 0 0 0 0 0 0
.e=ined 178(
(.a? @a%)
200 200 200 400 400 110 0 0 550
Tota% 178orts 200 200 200 400 400 110 0 0 0
Tota% u88%A 5075 5075 5075 5180 5180 5333
2323
0 5383
.a? -98orts 65 65 65 0 0 0 0 0 0
.e=ined -98(
(.a? @a%)
0 0 0 70 70 70 0 0 70
Tota% -98orts 65 65 65 70 70 70 0 0 70
3u7an 2o7(
5ons(
3950 3950 3950 4100 4100 4100 0 0 4200
:ther
2isa88earance
0 0 0 0 0 0 0 0 0
Tota% /se 3950 3950 3950 4100 4100 4100 0 0 4270
-ndin< toc>s 1060 1060 1060 1010 1010 1163 0 0 1113
Tota%
2istribution
5075 5075 5075 5180 5180 5333 0 0 0
MONOPOLY
SIGNIFICANC# OF T*# SU+,#CT
In this report we hae discussed about the monopoly and how monopoly is created
to increase demand and ultimately increase the price. 6e hae also gien the
number of sugar mills in #akistan, to whom it belongs and how they hae created
an artificial sugar crisis and earned huge profits.
-IT#RATUR# R#.I#/
-here is a kind of 'onopoly in the sugar industries of #akistan, which leads to
higher prices, less supply of sugar to the market and decreased leel of consumption.
"ince the beginning of the current year and een at the end of last 0uarter of the last
year, the international sugar prices hae been on the increase. *lobal sugar markets hae
entered a period of radical structural change. 6hen there is a shortage of sugar in the
market then demand for the sugar increase and supply is short therefore prices of the
sugar increase in the market and there is also no substituted good with reasonable price
for the consumer.
In 2@33, in the midst of what *.D.". "hackle G2@89H was to call Nthe years of high
theory, OAoan :obinson G2@33H and Edward Ehamberlain G2@33H published their
monograph son imperfect competition and monopolistic competition respectiely. -he
feature of monopoly, howeer, which has receied attention throughout the ages is the
role which it plays in the e!change of goods. . . . In retrospect it is eident, in fact, that
the market aspect of monopoly is its fundamental aspect. E!clusie priileges, collusion,
unity of action, etc., are only arious methods of obtaining a particular market situation
necessarily relatie to time and place. . . . -he nature of monopoly is ine!tricably tied
with that of the market itself. . . . It is in the act of e!change that the phenomenon of
monopoly makes its presence felt.... In an economic sense monopoly does not e!ist until
competition is restrained among actual traders. . . . A significant thing about monopoly is
that it has meaning only when considered with regard to the market placePthe center of
economic actiity.
. #akistan in Asia, third1largest user of sugar and the world)s fifth largest
producer of sugar cane, the #akistan "ugar 'ills Assocation. -he output of sugar as well
as the production of sugarcane increased at an aerage rate 23.9 percent and 22.92
percent. &ut the increased output could not meet the demand because there is increase in
the demand of the sugar and there is also increase in the e!port during the regime of
*enQ #erai$ 'ushraf. Although consumption is dependent on arious factors. &ecause
of uncertainty in the political setup of the country the goernment fail to deelop a
certain and a clear policy regarding sugar crisis for the future. Euba, India and -hailand
hae had series of droughts which resulted in scarcity of sugar. -here is no way a natural
calamity could be predicted or pre1empted but all these countries hae well1defined
policies.
MANAGERIAL ECONOMICS Page 2.
MONOPOLY
For 'und G2@33, p. 229H, then, Nthe thing that identifies true monopoly is the
e!ercise of monopoly power.O And this, in turn, consists in the ability to regulate either
market supply or market price so as to ma!imi$e profit. In most cases, according to our
author, the monopolist manipulates price and then ad(usts production according to his
e!perience and (udgment regarding what 0uantities of his product buyers will take at
arious prices. 'und G2@33, p. 22@H identified four factors that the monopolist considers
in e!ercising this type of powerI elasticity of demand for his product, his costs of
production, his interest in future business, and the attitude of the courts and public toward
monopoly.
#akistan is the one the biggest country in the world regarding population
including a reasonable numbers of foreigners. #akistan is a country with a population of
about 293 million inhabitants, which includes about 8 million immigrants G3.7 million
Afghan refugees, 2 million illegal &angladeshis, R million illegal other nationalitiesH.
"ugar is consumed in each and eery beerage of #akistan which includes soft drinks,
tea, cold drinks Gsherbets, lassiH, tea, keha etc. "ugar is also used in sweetmeats, bakery
products, other confectionary items and pharmaceutical industry, etc. -he important
0uestion to be asked is at what price is sugar affordable to the general public, at what cost
are the sugar millers producing the sugar per ?g, what is the international bench mark of
producing sugar per ?g, and how far is #akistan away from it. -o keep our consumers
happy and our sugar millers satisfied what kind of inestment is re0uired and what type
of goernment policy is needed to deelop to improe our processes and saings so that
we can reap the benefits in the future. -he sugar industry is the second largest industry of
#akistan accounting for >B of the total alue added in the large scale manufacturing
industries and contributing :s 27123 billion per annum in the shape of general sales ta!
G*"-H, federal, proincial and local ta!es.
F. Feuthen, the Canish mathematical economist who published a path breaking
work on monopoly, duopoly and oligopoly in 2@33, also found the marginal method to be
analytically inferior to total and aerage analysis.S -he conenience with which the
marginal analysis allows one to identify the point of monopoly e0uilibrium is only
apparent, argued Feuthen G2@77, p. 233H, because Nin reality the trouble has only been
shifted on to the construction of the marginal cures, which the theoretical descriptions
generally take as a starting1point.O -he marginal method is actually conenient merely
Nin such practical cases where only a certain minor change in the decisions is
contemplated, and only the cost of the change itself is known.O In illustrating the
calculations underlying the decision about, e.g., what si$e plant to be built, Nthe total
method is employed rather than the marginal method,O while Nthe aerage method has the
adantage that the effects of altered sales and altered price are seen clearly by
themseles.O
'enger G2@98, p. 222H had argued that monopoly price formation was strictly
goerned by the general law of e!changeI N4ot only does the general principle of all
economic e!changes of goods, according to which both parties must derie an economic
adantage from an e!change, maintain its alidity nimpaired in the case of monopoly,
MANAGERIAL ECONOMICS Page 27
MONOPOLY
the monopolist is not completely unrestricted in influencing the course of economic
eents.O Also see 'enger 2@98, pp. 22312..
DATA AND MAT*ADO-OGI#S
VARIABLES
!onsumption 0
Due to recent cartelization the mill owners hae store! the
sugar in there stores which resulte! in less su""l# o$ the commo!it# an! increase
in !eman! an! it resulte! the increase in "rices% Due to increase in "rices the
consum"tion leel has !ecrease!%
$rices of substitute goods:
In our country the substitute for sugar is Nbrown
sugarO. #eople dierted themseles towards this when the prices of sugar
increased.
$rice
#rice of the commodity i1e sugar has increased and it affects the
purchasing power of a person, so he will purchase less.
+ncome
Income of a common man is increasing but the prices are increasing
with greater proportion not as with income ratio.
.aste
In #akistan sugar is used more rather we can say that @@B #akistan uses
sugar so eeryone has a taste of it. "o taste in this commodity doesnKt matter as a
ariable.
Weather
MANAGERIAL ECONOMICS Page 28
MONOPOLY
6eather has a little effect on its demand. In winters the demand of
sugar increases because people tend to eat NhalwaO, Npan(iriO etc they also take
more tea in winter. "o one can say weather has an effect on the demand of sugar.
+mport
-he goernment is likely to import 333,333 tonnes of raw sugar later this
year as the ne!t sugar crop will proide considerably less of the sweetener than annual
consumption of oer . million tones. "o the money would be paid in dollars and it
depends on the alue of dollar that what would be the price of sugar.

$*+!E) O( )3/"* O( %"). 1 &E"*)
Y#AR1MONT
*
4556 4557 4552 4558 4551 4559 455:
&AN'ARY
2@.>3 2>.73 2..37 2@..@ 32.77 28.38 3@.3>
(E)R'ARY
23.2. 2>.28 29.33 37.37 33.>3 27.93 .2.83
MARC*
2@.@9 29.>8 28.33 37.82 33.83 27... ...9@
APRIL
2@.>3 2>.72 28.29 38.99 33.27 27.2> 1
MAY
2@.92 2@.23 28.27 38.32 2@.>7 2>..7 1
&'NE
2@.72 2@.28 28..8 3..@2 2>.3> 2@.97 1
&'LY
2@.28 2@..@ 2>.38 37.38 2@.23 32.8> 1
A'G'S+
2@.28 23.82 29.>7 3..@> 33.29 32.9 1
SEP+EM)ER
2@.9@ 23.97 28.87 33..3 2@.>7 33... 1
OC+O)ER
2@.@3 23.9> 28.92 32.>9 2@.38 39.82 1
NO,EM)ER
2@..@ 22.82 29.73 33.27 2>.97 39.92 1
DECEM)ER
2@.29 22.72 2>..9 3.3.>8 28.>@ 37.7@ 1
A.#RAG# 2@.87
T3.33
2@.8>
T3.33
28.>2
T3..7
3..3>
T3.79
2@.8.
T3..@
33.>
T3.3>
.2.29
T3.73
MANAGERIAL ECONOMICS Page 29
MONOPOLY
Data
Jears #rice #roduction
2337
:".28.>2 2@>>'-
2338
:s.3..3>
372@'-
2339
:".2@.8.
.283'-
233>
:s.33.>
3923'-
233@
:s..2.29
3893'-
M"t2od
=sing E1%iew "oftware
+D" G+rdinary least s0uare 'ethodH
MANAGERIAL ECONOMICS Page 2>
MONOPOLY
#(pirial R"sult and Calulation
MANAGERIAL ECONOMICS Page 2@
Dependent Variable: PRODUCTION
Method: Least Squares
Date: 0!"!0" Ti#e: ":"$
Sa#ple: "00% "00&
In'luded obser(ations: %
Variable Coe))i'ien
t
Std* +rror t,Statisti' Prob*
PRIC+ ,"*0$-$0 .&*.&%/0 ,0*0.0%0 0*&$0.
1+2RS "/0*0" 0%*0$00 *.0-$& 0*"&%$
C ,%&/0&*/ -$0/&*" ,*-&$%0/ 0*"&$
R,squared 0*/$"-/% Mean dependent (ar -$0*/0
2d3usted R,squared 0*-..$"& S*D* dependent (ar .&"*00/
S*+* o) re4ression -&0*"$-- 25ai5e in)o 'riterion %*0&%0
Su# squared resid -$".-*- S'h6ar7 'riterion .*0/%
Lo4 li5elihood ,-.*$-&// 8,statisti' "*0%"$
Durbin,9atson stat "*-0$&$ Prob:8,statisti'; 0*-"$/-
MONOPOLY
Conlusion
MANAGERIAL ECONOMICS Page 23
MONOPOLY
*E(E*E#!E)
2. httpI//answers.yahoo.com/0uestion/inde!<0idU23393.2.3>.@7@AAfill+
2. httpI//www.inestopedia.com/terms/m/monopoly.asp
3. httpI//www.paktechsearch.com/focus.asp
.. ="CA Foreign Agricultural "erice ,*AI4 :eport G3)+1 Rep#r' 1u04erB
.58016)
7. httpI//www.nation.com.pk/pakistan1news1newspaper1daily1english1
online/&usiness/231Aug1233@/*ot1eyes13333331tons1raw1sugar1import
6. u<ar crisis continues in Pa>istan
Pakistan Times Federal Bureau Jan 6-2010
MANAGERIAL ECONOMICS Page 22
MONOPOLY
9. Feuthen, F. 2@33. Problems of Monopoly and Economic Warfare. DondonI
*eorge :outledge M "ons, Dtd.
>. 'und, %ernon A. 2@33. Monopoly: A Theory and History. #rinceton, 4AI
#rinceton =niersity #ress.
@. "chackle, * .D.". 2@89. The Years of High Theory: Invention and Tradition
in Economic
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