Monopoly, Oligopoly, and Monopolistic Competition
Monopoly - a firm that is the sole seller of a product without close substitutes
A major cause for a firm to become a monopoly is a barrier to entry.
barrier to entry - the only firm in that specific marke
Profit - is a financial benefit that is gained after the total revenue received from
production is greater than the total costs, equipment and taxes that are needed to keep
Profit = Total Revenue - Total Expenses
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ECON-200 Principles of Microeconomics
Mo-Thu 10:00 - 11:53 AM, Room: W205
Hunter College, City University of New York
Instructor: Gunnar Poppe Yanez Email: gpoppe [email protected]
Textbook: Principles of Microeconomics by N. Gregory Mankiw, 6