CHAPTER 50 MONOPOLY Flashcards
1
Q
Monopolist
A
A firm which controls all the output in a market.
2
Q
Monopoly or pure monopoly
A
Market structure where one firm supplies all output in the market without facing competition because of high barriers to entry to the market.
3
Q
Monopoly power
A
Exists when firms are able to control the price they charge for their product in a market.
4
Q
Price discrimination
A
Charging a different price for the same good or service in different markets.
