Micro Ch.16 Terms and Definitions
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Last updated 7:09 PM on 4/2/25
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4 Terms
1
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monopoly
a firm that is the sole seller of a product without close substitutes
2
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natural monopoly
a type of monopoly that arises because a single firm can supply a good or service to an entire market at a lower cost than could two or more firms
3
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price discrimination
the business practice of selling the same good at different prices to different customers
4
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Because a monopoly is the sole producer in its market
it faces a downward-sloping demand curve for its product
Note 
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