Amtrak has exclusive control over passenger travel by train in the u.s. as such, amtrak operates is an example of monopoly.
The market structure is characterized by a single seller, selling a single product in the market. In a monopolistic market, the seller faces no competition, since he is the only seller of the good with no close substitutes.
The word mono means single. Thus, the word exclusive is literally translated as sole seller. The advantage of a monopoly is the guarantee of a continuous supply of a product that is too expensive to provide in a competitive market. The disadvantages of a monopoly include price fixing, poor quality products, lack of innovation incentive, and cost inflation.
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