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Download UNIT GUIDE: Monopoly
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UNIT GUIDE: Monopoly Key Terms & Ideas Barriers to Entry Price discrimination Patent Marginal Revenue Shut down point Allocative Efficiency Welfare Cost of Monopoly Profit Maximization Economies of Scale Average Revenue Price and out put determination Deadweight Loss Consumer/Producer Surplus Key Questions What are the features that distinguish one market structure from another? Why is marginal and average revenue different under monopoly? Where does the monopolist produce and how is the corresponding price determined? Why are economic profits possible under monopoly? How is consumer / producer surplus affected by monopoly? How does one identify the supply curve in monopoly in the short and long run? When can the monopolist take advantage of price discrimination? What is the relationship between price elasticity of demand and the monopolist’s revenue? Textbook Readings Krugman’s Economics second edition Pages 614-621. Pages 623-629. Pages 630-636 Links Monopoly Price and Output http://hspm.sph.sc.edu/courses/Econ/Monopoly/Mon.html This is a similar discussion to the textbook but with some interactive displays to help you see the process in action.
