Monopoly
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| show | Sole supplier in the industry, Controls either price or quantity supplied, Maximises profit, Barriers to entry.
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| What are the sources of Monopoly Power/What are the barriers to entry in the industry? | show 🗑
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| What shape is a demand curve facing a monopolist? | show 🗑
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| show | Downward sloping but is declining faster than the demand curve.
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| show | S-SNP is earned because AR>AC.
P-Price. The firm produces Q1 and sells it at P1.
E-Equilibrium. This occurs at point E where MC=MR and MC is rising faster than MR.
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| show | C-Cost of production. The firm isn't producing at the minimum point of the AC.
S-Scarce Resources. Since the company isn't producing at the lowest point of the A, it is considered to be wasting scarce resources.
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| Outline three similarities between imperfect competition and monopoly? | show 🗑
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| show | Monopolist earns SNP in both the long run and short run. The imperfectly competitive firm earns SNP only in the short run and normal profit in the long run.
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| show | Economies of scale,Guaranteed supply of product/service,Secure employment,Reduced use of scarce resources,Potential for innovation/Research and development.
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| show | Exploitation of consumers,Inefficient use of scarce resources, The production of fewer goods at a higher price than perfect competition, Less efficient/innovative.
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| show | Competition Act 2002.
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| show | Is the removal of government controls from an industry or sector to allow for a free and efficient market place, e.g. The airline industry.
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| show | Deregulation, Appoint experienced entrepreneurs, Introduction of a profit motive and performance-related remuneration, Strategic alliances, Discontinue unprofitable services, Privatise the company, Appointments based on skills and knowledge
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| show | Is the sale of a state company to private owners
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| show | Means taking a company or assets in the private sector into public ownership by a government.
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| List the headings under which perfect competition and monopoly are compared: | show 🗑
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Created by:
deborahh
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