Chapter 15 - Chapter 15 Monopoly Things to Know Definitions Equations Same as 14 except price is greater than instead of equal Types of Monopolies 1

Chapter 15 - Chapter 15 Monopoly Things to Know Definitions...

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Chapter 15 Monopoly Things to Know Definitions Equations: Same as 14 except price is greater than instead of equal Types of Monopolies 1. Barriers to entry a. Car industry 2. Government created/ sponsored a. Amtrak, postal service 3. Natural Monopoly a. (never really happens) Monopoly characteristics 1. Only one firm 2. Unique product 3. Very high barriers to entry 4. Business has ALMOST total control over price a. Still have to take into account consumer preferences 5. A lot of non price competition a. Mostly PR-> make themselves look good to the public Types of barriers to entry (How monopolies have power) 1. Patent Protection 2. Exclusive licensing 3. Bundled products 4. Government franchises 5. Legal Harassment Relationship between MR, MC and Price GRAPH If MR > MC; profit goes up, quantity goes up If MR < MC; profit goes up, quantity goes down MR = MC ; Profit maximized Graphing profit and deadweight loss graph
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Antitrust Laws and date enacted 1. Sherman Antitrust Act of 1890 a. Brought down microsoft
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  • Fall '16
  • Robi Ragan
  • Monopoly, Standard oil, HARASSMENT, Sherman Antitrust Act

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