O'Reilly logo

A Primer on Microeconomics, Second Edition, Volume II, 2nd Edition by Professor Thomas M. Beveridge

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER 7

Monopoly

Chapter Preview: In Chapters 5 and 6, we examined the consequences of having production organized through perfectly competitive industries and discovered that perfect competition gave society generally beneficial results, through the operation of what Adam Smith termed the “invisible hand” of self-interest. However, perfect competition is a rare beast in the real world, and in this chapter, we turn our attention to the other end of the competitive spectrum—monopoly, the market structure in which one firm dominates the industry.

By the end of this chapter, you will be able to:

Specify the conditions that may permit the development of a “single-seller” monopoly, and using the two broad types of barriers to entry, identify ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required