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Economics by Terry Hillman

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CHAPTER12

Monopoly

In This Chapter

  • How the monopoly differs from a perfect competition
  • How a monopolist maximizes profits
  • The effect of the monopolist on society and the response from public policy
  • The monopolist and price discrimination

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 ...

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