What is Monopoly and how it relates to Microeconomics...


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What is Monopoly and how it relates to Microeconomics
A. A company that has market power of goods
B. Single provider of good
C. Main goal is to maximize profit
How Monopolies arise and barriers of entry
A. Market power
B. Market Structure
1. Monopoly
2. Oligopoly
3. Monopolistic Competition
C. Barriers to entry
1. Government regulation
2. Legal
3. Natural
4. Artificial
The demand and effects
A. Marginal revenue (curve)
B. Price elasticity
C. Profit Maximization
Regulation and control
A. Government
1. Prevent over pricing
2. Quality of product
3. Establish market competition
4. Price ceiling
Summarize the main facts for the purpose and effects of a Monopoly
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Solution ID:351114 | This paper was updated on 26-Nov-2015

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