July 2014
Beginner
384 pages
8h 39m
English
CHAPTER12
Monopoly
In This Chapter
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The monopoly is a market structure that is the antithesis of perfect competition. Where there are many firms in a perfectly competitive market, a monopoly controls the entire industry. The differences in the two market structures are stark.
The models with which we are familiar that assume perfect competition, where no firms can influence the market price, demonstrate what happens when one firm has market power—the ...