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11 Cards in this Set
- Front
- Back
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monopoly
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market structure in which there is a single supplier of a product
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monopoly firm (monopolist)
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single supplier of a product of which there are no close substititutes
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price maker
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a firm that sets the price of the product it sells
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barrier to entry
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a reason why new firms cannot enter the industry
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natural monopoly
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a monopoly due to economies of scale
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local monopoly
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monopoly that exists in a limited geographic area
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regulated monopoly
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monopoly regulated or controlled by a government
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monopoly power
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market power, the ability to set prices
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monopolization
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attempt by a firm to dominate a market
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price discrimination
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charging customers different prices for the same product based on different elasticities of demand
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deadweight loss
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reduction of total surplus that occurs when markets are are allocatively efficient
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