Monopoly key terms

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9 Terms

1
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price maker

not allocatively efficient

2
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unregulated monopoly

finds where MR = MC, runs up to P=AR=D

3
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deadweight loss

not allocatively efficient, P > MC

4
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natural monopoly

economies of scale, LR ATC curve going down

5
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antitrust legislation

creates competition, not good for natural monopoly

6
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price regulation 

pushes the natural monopoly down the demand curve to socially optimal 

7
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long-run economic profits

P > ATC; possible for monopoly, not for PC

8
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single-price monopoly

does NOT price discriminate

9
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price discrimination

charging different prices for the exact same product