Chapter 15 - Monopoly Flashcards
1
Q
Natural monopoly
A
A monopoly that arises because a single firm can supply a good or services to an entire market at a smaller cost than could two or more firms
2
Q
Price discrimination
A
The business practice of selling the same good at different prices to different customers
3
Q
Monopoly
A
A firm that is the sole seller of a product without close substitutes
