7: Monopoly

Microeconomics 1e · LibreTexts

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    From LibreTexts, under CC BY-NC-SA 4.0, as the source states it; its equations are written in TeX, which the PDF shows typeset. This page at LibreTexts.

    Learning Objectives

    Upon completion of this module, you will be able to:

    • Recognize how profit maximization differs when the firm has market power (when a firm faces a downward-sloping demand curve) from when it does not (when a firm faces a flat demand curve).
    • Know the implications of high barriers to entry to the structure, conduct, and performance of a market.
    • Know the type of monopoly implied by economies of scale.
    • Be able to contrast monopoly from a competitive market with respect to prices, profits, entry, exit, output, production efficiency, allocative efficiency, and research & development (R&D).
    • Summarize the pros and cons of market power.

    This page titled 7: Monopoly was last modified on Wed, 10 Jul 2024 19:59:50 GMT and is shared under a CC BY-NC-SA 4.0 license and was authored, remixed, and/or curated by Martin Medeiros.