________ has benefited from its distinctiveness as the market power to expand and demand a premium price, which has skyrocketed the company's value Since 1992, the stock price has increased more than 25- fold.
New cards
2
Medical services
________, haircuts, and legal counsel are all authorized by state licensing.
New cards
3
De Beers
________ owns the diamond industry.
New cards
4
marginal revenue
The monologues ensure that ________ is equal to the marginal cost, as shown in the image attached below.
New cards
5
legal protection
Patents, licenses, and other government- imposed legal limitations provide certain manufacturers with ________ from competition.
New cards
6
demand curve
The ________ of a fully competitive business is also the firm's average revenue curve.
New cards
7
deadweight loss
Net loss to society when a firm with market power restricts output and increases the price.
New cards
8
Natural monopoly
one that arises from the nature of costs, as opposed to artificial monopolies formed by government patents, licenses, and other legal impediments to entry
Studied by 2 people
