A(n) ________ is the value of a product to the consumer increases with.
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deadweight loss
The ________ from monopoly is a measure of the inefficiency from monopoly; equal to the decrease in market surplus.
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natural monopoly
A(n) ________ is a market in which the economies of scale in production are so large that only a single large firm can earn a profit.
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market power
A(n) ________ where the firm must have some control over its price, facing a negatively sloped demand curve for its product.
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Rent
________- seeking is a process of using public policy to gain economic profit.
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monopoly
A(n) ________ is a market in which a single firm sells a product that does not have any close substitutes.
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patent
A(n) ________ is an exclusive right to sell a new good for some period of time.
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Flexjoints competitors
________ will need 3 years to develop and produce their own versions of the drug, so if Flexjoint isnt protected by a patent, its monopoly will last only 3 years.
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Price discrimination
________ is the practice of selling a good at different prices to different consumers.
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Rent
________- seeking is inefficient because it uses resources that could be used in other ways.
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Market power
________ is the ability of a firm to affect the price of its product.
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Marginal revenue
_____________________ = new price + (slope of demand curve X old quantity)
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barrier to entry
A _____________ is something that prevents firms from entering a profitable market.
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