Monopoly
- Created by: meloakes
- Created on: 29-03-15 11:35
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- Monopoly: A single firm in a market
- High barriers to entry to control the market
- They make Supernormal profits in the LR.
- Operates at MC=MR
- Monopoly: A single firm in a market
- High barriers to entry to control the market
- They make Supernormal profits in the LR.
- Operates at MC=MR
- Operates at MC=MR
- They make Supernormal profits in the LR.
- They have a downwards sloping demand curve - decided price or quantity
- Not productively efficient (not at lowest AC point)
- Not electively efficient (P is higher than MC)
- High barriers to entry to control the market
- Monopoly: A single firm in a market
- Operates at MC=MR
- They make Supernormal profits in the LR.
- They have a downwards sloping demand curve - decided price or quantity
- Not productively efficient (not at lowest AC point)
- Not electively efficient (P is higher than MC)
- High barriers to entry to control the market
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