Chapter 14 Monopoly Flashcards
1
Q
Monopoly
A
A firm that is the only producer of a good or service with no close substitutes.
2
Q
Natural Monopoly
A
A market in which a single firm can produce at a lower cost that multiple firms, the entire quantity of output demanded.
3
Q
Price Discrimination
A
The Practice of charging customers different prices for the same good.
4
Q
Barriers to Entry (into a market)
A
- Scarce resources
- Economies of Scale
- Government Intervention
- Aggressive business tactics
