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12 Cards in this Set
- Front
- Back
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monopolist |
firm that is the only producer of a good that has no close substitutes |
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monopoly |
an industry controlled by a monopolist |
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market power |
the ability of a firm to raise prices |
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natural monopoly |
when increasing returns to scale provide a large cost advantage to a single firm that produces all of an industry's output |
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network externality |
exists when the value of a good or service to an individual is greater when many people use the good or service too |
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patent |
gives an inventor a temporary monopoly in the use or sales of an invention |
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copyright |
gives the creator of a literary or artistic work sole rights to profit from their work |
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monopsony |
there is only one buyer of a good |
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monopsonist |
a firm that is the sole buyer in a market |
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single price monopolist |
offers its products to all consumers at the same price |
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price discrimination |
sellers charger different prices to different consumers for the same good |
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perfect price discrimination |
a monopolist chargers each consumer his or her willingness to pay |
