Review Notes – Monopoly • What is a monopoly market? definition • large number of potential buyers but only one seller • homogenous product (every firm produces the same product) ...
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...Review notes monopoly what is a market definition large number of potential buyers but only one seller homogenous product every firm produces the same are small relative to barriers entry examples monopolies demand in short run pricing and output profit maximization for monopolist monopolists also produce where marginal revenue equals cost o average graphical total loss minimization suppose when will shutdown s supply curve industry long markets into not possible monopolized industries as they have artificial legal illegal natural definitions efficiency technological allocative evaluating perfectly competitive public policy given this analysis i e antitrust regulation exceptions cover two possibilities we did much was on line reading perfect competition efficient suggests inefficient...