Chapter 10: Monopoly, Cartels, and Price Discrimination
Much like perfect competition is on one end of the spectrum where firms have no market power,
monopoly is on the other end of the spectrum where firms have complete market power.
Video: Forrest Gump
ECO100: Chapter 8 Notes-Producers in the Long Run
Allocative vs. technical efficiency: allocative efficiency means that the marginal cost of each good
produced is equal to its _. Technical efficiency means that a given number of