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Monopoly

16 Lessons 49 mins

Learn about the formation of monopolies and the control of physical resources as well as how profit-maximizing monopolies choose output and price while exploring the inefficiency of monopolies and key concepts in this tutorial.

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Tutorial Lessons

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Introduction to a Monopoly

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How Monopolies Form: Barriers to Entry

2

How Monopolies Form: Barriers to Entry

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Natural Monopoly

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4

Control of a Physical Resource

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5

Legal Monopoly

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6

Promoting Innovation

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7

Intimidating Potential Competition

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8

Summing Up Barriers to Entry

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9

Key Concepts and Summary

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10

How a Profit-Maximizing Monopoly Chooses Output and Price

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Demand Curves Perceived by a Perfectly Competitive Firm and by a Monopoly

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Total Cost and Total Revenue For a Monopolist

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Marginal Revenue and Marginal Cost For a Monopolist

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Illustrating Monopoly Profits

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15

The Inefficiency of Monopoly

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16

Key Concepts and Summary

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