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Economics

Monopoly

QuestionAnswer
What is a Monopoly? is a market structure in which one firm makes up the entire market.
What is a natural monopoly? is an industry in which a single firm can produce at a lower cost than can two or more firms.
What is a patent? is legal protection of a technical innovation that gives the person holding it sole right to use that innovation.
What is price-descriminate? to charge different prices to different individuals or groups of individuals.
Why is the price a monopolist charges higher than that of a competitive market? Due to the restriction of output; a monopolist can make a profit in the long run.
How to determine monopolist's profit-maximizing output? when marginal revenue (MR) equals marginal cost (MC).
Created by: taylorma
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