1. Monopoly

2. Characteristics One seller No close substitutes Price Searcher
Overview

3. Profits & Barriers to Entry
Natural
Artificial
Governmental

4. Monopoly Power & Price Discrimination
In Theory
In Practice
Gainers & Losers
Dumping
Old people - students

5. How Monopoly Compared to Perfect Competition
Higher Prices
Less output

6. Is Monopoly Bad? Monopoly Losses Monopoly in the Long-Run
Real World monopoly

7. The Costs of Monopoly Deadweight Loss Monopoly Rent Seeking
Managerial Inefficiency

8. Facts & Fallacies About Monopoly

9. Facts & Fallacies About Monopoly
Monopolies charge the highest possible price
Monopolies always earn (high) profits
Monopolists don’t have to worry about demand
Monopolies charge a price higher than marginal cost
Monopolists produce where demand is elastic
Monopolies do not have supply curves
The monopolist ultimately faces competition