Monopoly and Market Power

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These flashcards summarize key vocabulary and concepts related to monopolies and market power based on the provided lecture notes.

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7 Terms

1
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Monopoly

single firm sells a product for which there are no close substitutes.

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Monopoly Power

ability of a buyer or seller to affect market price, characterized by a downward sloping demand curve.

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Monopsony

A market structure with only one buyer.

4
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Natural Monopoly

market where it is most efficient for a single firm to produce the entire industry output

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Patent/Copyright

Legal rights that exclude others from making, using, or selling an invention.

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Government Regulation

Laws that prevent competition by granting licenses or rights to have a monopoly.

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Profit Maximizing Output Decision

The point where marginal cost equals marginal revenue