Monopoly. Characteristics of monopoly 1.Single firm (producer, seller) 2.No variety of goods 3.Complete barriers to entry 4.Complete control over price.

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Presentation transcript:

Monopoly

Characteristics of monopoly 1.Single firm (producer, seller) 2.No variety of goods 3.Complete barriers to entry 4.Complete control over price

Economies of scale

Government monopolies Patent- license that gives inventor exclusive right to sell product for 20 years

Government monopolies Franchise- right to sell a good or service in an exclusive market

Government monopolies License- government issued right to operate a business

Government monopolies Industrial organizations- an industry government allows to operate with restricted number of firms that act together

Price discrimination Dividing customers into groups based on how much they will pay for a good Can be done if firm has market power (ability to change prices and output like a monopolist)

Targeted Discounts

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