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Chapter 13

Micro Econ

TermDefinition
Monopoly An industry controlled by a monopolist
4 principal models of market structure Perfect competition, monopoly, oligopoly, monopolistic competition
Monopolist A firm that is the only producer of a good that has no close substitutes
Market Power The ability of a monopolist to raise its price above the competitive level by reducing output
Natural Monopoly Exists when increasing returns to scale provide a large cost advantage to a single firm that produces all of an industry's output
MR a-2bQ
New Drug Patent Laws, monopoly, produce Q where MR=MC P>MC
Generic Drug Competitive market, Produce Q where MR=MC P=MC
Antitrust policy Government policies used to prevent or eliminate monopolies
Single-price monopolist one who charges all consumers the same price
Price discrimination Monopolists increase profits by charging different customers different prices for the same good
Created by: sarahmaechtle
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